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Nexans to acquire Brazilian cable maker
A
Nexans product story
Edited by the Engineeringtalk editorial team
Jan 21, 2003
Nexans has signed an agreement in principle with Brazilian company Furukawa Industrial Produtos Eletricos to acquire all the stock in its subsidiary Furukawa Cabos de Energia.
Nexans has signed an agreement in principle with Brazilian company Furukawa Industrial Produtos Eletricos (owned 51% by The Furukawa Electric Co (Japan) and 49% by Mitsui and Co (Japan, Brazil)) to acquire all the stock in its subsidiary Furukawa Cabos de Energia (FCE).
The transaction is subject to a final agreement and other customary conditions.
Furukawa Cabos de Energia offers a full range of bare and insulated aluminium cables for transportation and power distribution networks.
Its business is focused mainly on the Brazilian market.
"This acquisition fits that part of our external growth strategy focused on participating in infrastructure projects in expanding markets, which is the case with Brazil where demand for energy remains high", said Gerard Hauser, Chairman and CEO of Nexans.
Furukawa Cabos de Energia had sales of approximately $50 million in 2002.
It employs some 250 people based mainly at the Lorena manufacturing site (between Sao Paulo and Rio de Janeiro).
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