General Cable buys Prestolite Wire
Acquisition adds to General’s offerings for transportation wire and assemblies.
General Cable Corporation has completed the acquisition of privately owned Prestolite Wire LLC. The acquired company has manufacturing plants in the United States and Mexico, and primarily provides original equipment manufacturer (OEM), tier-one supplier and OEM distribution customers in the transportation field with wire and cable products as well as harnesses. The company recorded 2011 revenues of approximately $170 million.
Prestolite products’ temperature-, abrasion- and corrosion-resistance properties were emphasized in the announcement General Cable issued about the deal. General’s senior vice president and general manager for transportation wire and assemblies, Roger Roundhouse, said, “This acquisition is highly complementary to our existing transportation-related businesses as approximately 90 percent of Presolite’s revenues are generated from products that are incremental to [General Cable’s] existing product portfolio.”
Craig Horton is General Cable’s product manager for automotive. He noted, “OEMs are implementing alternative materials, resulting in higher operating temperatures, electric or hybrid propulsion technologies, enhanced communication systems and interconnectivity of vehicle management systems. As a result, the complexity and volume of wire and cable products consumed in vehicle designs is expected to continue to increase.”