PRYSMIAN GROUP INCREASES TO 100% SHARE IN ESTONIAN KEILA CABLES
Milan, 9 July 2014. Prysmian Group, world leader in the energy and telecom cables and systems industry, has finalized the acquisition of the remaining 34% interest in AS Draka Keila Cables, thereby becoming the sole shareholder of this Estonian cable company, which joined the Group following the acquisition of Draka in 2011. The price of this acquisition amounts to €6.2 million and takes into consideration a positive net financial position (cash) of approximately €4.9 million at the end of 2013.
Draka Keila Cables reported sales of approx. €53.8 million in 2013 and is expected to deliver growing results in 2014, taking advantage of the favorable development of market demand in the reference market of Baltic Republics and Nordic Countries.
With 6 plants in Finland, Sweden, Norway, Denmark and Estonia Prysmian Group can rely on a prominent presence in the Nordic region. The Company is able to offer a wide range of products from submarine and underground high and medium voltage cable systems, to special cable solutions for the oil & gas, the marine industry, the renewable energy sector, telecommunication and cablings for the construction sector.
The investment in Keila Cables will allow the Group to further speed up the development of its growth strategy in this high potential region.
Prysmian Group is world leader in the energy and telecom cables and systems industry. With more than 130 years of experience, sales of €7 billion in 2013, about 19,000 employees across 50 countries and 91 plants, the Group is strongly positioned in high-tech markets and offers the widest range of products, services, technologies and know-how. In the Energy sector, Prysmian Group operates in the business of underground and submarine power transmission cables and systems, special cables for applications in many different industrial sectors and medium and low voltage cables for the construction and infrastructure industry. In the Telecom sector, the Group manufactures cables and accessories for the voice, video and data transmission industry, offering a complete range of optical fibres, optical and copper cables and connectivity systems. Prysmian is a public company, listed on the Milan Stock Exchange in the FTSE MIB index.