General Cable closes Southwire deal, comments on drop in sales

Nov. 2, 2001
November 2, 2001 Cable maker sheds building-wire operation.

General Cable ( announced on October 31 that it ha completed its transaction with Southwire Company-a deal under which General acquired Southwire's communications-cable manufacturing capabilities. In the deal, General also divested its building-wire business to Southwire.

"General Cable received certain assets of the Cyber Technologies division of Southwire Company that includes manufacturing equipment capable of producing enhanced data-communications cable," General Cable said when announcing the transaction's completion. "The Cyber Technologies assets being transferred have a value of approximately $4 million." General Cable received $82 million from Southwire for its building-wire assets.

Separately, General Cable commented on the decline in sales of its communications cables. The comment came as part of the company's announcement of its quarterly results. "Sales of higher-margin enhanced data communications cables decreased 24% over last year's third quarter," the company said. "They now comprise 62% of total category cable sales, up from 48% in the third quarter of 2000."

Full releases covering the Southwire deal and General Cable's quarterly earnings report are available at the company's Web site.

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