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Paris, January 14, 2003 - Nexans today announced it has signed an agreement in principle with Brazilian company Furukawa Industrial S.A. Produtos Elétricos (owned 51% by The Furukawa Electric Co., Ltd. (Japan) and 49% by Mitsui & Co., Ltd. (Japan, Brazil)) to acquire all the stock in its subsidiary Furukawa Cabos de Energia S.A. (FCE). The transaction is subject to a final agreement and other customary conditions.
Furukawa Cabos de Energia S.A. (FCE) 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 Gérard Hauser, Chairman and CEO of Nexans.
Furukawa Cabos de Energia S.A. had sales of approximately $50 million in 2002. It employs some 250 people based mainly at the Lorena manufacturing site (between São Paulo and Rio de Janeiro).
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