Italian power transmission and telecom cables and systems firm Prysmian Group is relaunching itself after combining with Kentucky-based General Cable.
Prysmian bought telecom company General Cable in a deal worth $3 billion. The new group will employ about 30,000 people at 112 plants and 25 research centers in more than 50 countries.
“We are proud to have established our second home region in the United States. Today, we begin to operate as a single team with shared objectives, combining the best of both companies” commented CEO Valerio Battista.
The group has its global headquarters in Milan, and sales of nearly $13 billion. According to the company, the integration with General Cable enables further expansion of the range of technologies and products offered by Prysmian Group.
Also according to the company, North America will now account for about a third of the group’s sales, with the North American head office located in Highland Heights, Kentucky, and 23 plants throughout the region with about 5,800 employees.
“We are proud to have established our second home region in the United States, contributing to the development of the country's economy with our best technologies and expertise. Today, we begin to operate as a single team with shared objectives,” Battista said. “Integrating the two companies’ cultures, business segments, geographical markets, production facilities and staff functions. Protecting our business and creating value: these are our priorities.”