General Cable Corporation (NYSE: BGC) (the Company) a leading
global supplier of wire and cable products for the energy, industrial
and communications markets, announced today that it has entered a joint
venture for majority ownership of E.P.E / EN.I.CA.BISKRA/SPA (Enica
Biskra), an Algerian state-owned manufacturer of low and medium voltage
power and construction cable. Enica Biskra is a leading provider of
utility cables to the principal Algerian state-owned power utility and
gas producer. In 2007, the business generated over 70 million euros of
revenue. Enica Biskra, located in the province of Biskra, Algeria, approximately
260 miles southeast of Algiers, is on an 86 acre site with approximately
one million square feet of manufacturing, warehousing and office space.
The Company plans to aggressively invest in this business, primarily for
the fast growing Middle East and North African regions, which combined
have in excess of four billon euros of addressable wire and cable
demand. The Company´s investment plan over the
next few years is expected to exceed 20 million euros and focus on
upgrading and expanding the product capabilities for medium voltage
utility cables as well as cables for industrial applications for both
the domestic market and export into neighboring North African and
European markets. Additionally, the Company will be investing in
training for the associates in the areas of LEAN and manufacturing
efficiency. "We are very pleased to be a partner of the
Algerian government in the privatization of the wire and cable industry
which will enhance economic growth and development," said Domingo Goenaga, Executive Vice President and CEO of General Cable
Europe. "Enica Biskra has a solid platform of
assets and a talented labor force, led by the management team, and
together, we will be able to invest and grow this business and the
workforce into a highly successful enterprise reaching far into Europe
and the neighboring Middle East region." "The acquisition of Enica Biskra represents
the latest step in positioning General Cable as a global leader in
cabling systems for energy infrastructure, which began with the 1999
acquisition of BICC," said Gregory B. Kenny
President and Chief Executive Officer of General Cable. "General
Cable expects to have as much as 200 million euros of annual revenue in
the Middle East and North African region after giving effect to this
investment project. This acquisition establishes an important position
in these markets and a platform to further invest and grow in the region," he concluded. General Cable is a global leader in the development, design
manufacture, marketing and distribution of copper, aluminum and fiber
optic wire and cable products for the energy, industrial, and
communications markets. Visit our website at www.generalcable.com. Certain statements in this press release, including without
limitation, statements regarding future financial results and
performance, plans and objectives, capital expenditures and the Company´s
or management´s beliefs, expectations or
opinions, are forward-looking statements. Actual results may differ
materially from those statements as a result of factors, risks and
uncertainties over which the Company has no control. Such factors
risks, and uncertainties are more fully discussed in the Company´s
Report on Form 10-K filed with the Securities and Exchange Commission on
February 29, 2008, as well as periodic reports filed with the Commission.
