General Cable Corporation Acquires Specialty Electronics and Datacom Assets from Draka Comteq
HIGHLAND HEIGHTS, KENTUCKY, March 14, 2005 - General Cable Corporation (NYSE: BGC) announced today the closing of its acquisition of certain assets of Draka Comteq’s business in North America, which was previously announced on November 30, 2004. Comteq, based in Franklin, Massachusetts, has strong technical and manufacturing capabilities in electronic cables, as well as high end data products. The assets acquired also include the well known brand “Helix/Hi-Temp.” General Cable intends to continue operations at the Franklin location.
“We are excited about the product and customer opportunities that will be available to us with the expanded product lines of our combined businesses. The Franklin facility will greatly expand our product offering of specialty electronics and data communications cables. It will also allow us to add new customers for data cables and provide us needed capacity for growth opportunities in the communications market,” said Greg Lampert, General Cable’s Vice President and General Manager, Carol Brand Products. “We are also excited about the ‘Helix/Hi-Temp’ brand name, which has a rich history that dates back to the mid-1950s. We look forward to working closely with our new associates at the Franklin facility.”
General Cable (NYSE:BGC), headquartered in Highland Heights, Kentucky, is a leader in the development, design, manufacture, marketing and distribution of copper, aluminum and fiber optic wire and cable products for the energy, industrial, specialty 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 include economic and political consequences resulting from the September 2001 terrorist attack and the war with Iraq, domestic and local country price competition, particularly in certain segments of the power cable market and other competitive pressures; general economic conditions, particularly in construction; changes in customer or distributor purchasing patterns in our business segments; the Company's ability to increase manufacturing capacity and productivity; the financial impact of any future plant closures; the Company's ability to successfully complete and integrate acquisitions and divestitures; the Company's ability to negotiate extensions of labor agreements on acceptable terms; the Company's ability to service debt requirements and maintain adequate domestic and international credit facilities and credit lines; the Company's ability to pay dividends on its preferred stock; the impact of unexpected future judgments or settlements of claims and litigation; the Company's ability to achieve target returns on investments in its defined benefit plans; the Company's ability to avoid limitations on utilization of net losses for income tax purposes; the cost of raw materials, including copper and aluminum; the Company's ability to increase its selling prices during periods of increasing raw material costs; the impact of foreign currency fluctuations; the impact of technological changes; and other factors which are discussed in the Company's Report on Form 10-K filed with the Securities and Exchange Commission on March 12, 2004, as well as periodic reports filed with the Commission.
Release No. 0462