Nexans has signed a memorandum of understanding with Platinum Equity for the sale of its distribution activities in Norway
Paris, July 2, 2003 - Nexans, the worldwide leader in the cable industry, has signed a memorandum of understanding with Platinum Equity, a leading private equity firm specialized in the acquisition and expansion of technology companies, for the sale of its distribution activities located in Norway (Nexans Distribusjon AS).
The transaction is subject to final agreement as well as other customary conditions.
"This divestiture fits with the evolution of our portfolio," said Gérard Hauser, Chairman and CEO of Nexans. "Platinum Equity has demonstrated that it is committed to developing the business of Nexans Distribusjon and is a good partner for this activity."
Nexans Distribusjon AS specializes mainly in distribution of electrical equipment in Norway. The company's revenues in 2002 were Euros 118 million. It had 300 employees as of December 31, 2002.
Nexans is the worldwide leader in the cable industry. The Group brings an extensive range of advanced copper and optical fiber cable solutions to the infrastructure, industry and building markets. Nexans cables and cabling systems can be found in every area of people's lives, from telecommunications and energy networks, to aeronautics, aerospace, automobile, railways, building, petrochemical, medical applications, etc. The program is completed by superconducting materials and components, cryoflex transfer systems and special machinery for the cable industry. With an industrial presence in 28 countries and commercial activities in 65 countries, Nexans employs 17,150 people and had sales in 2002 of euros 4.3 billion. Nexans is listed on the Paris stock exchange. More information on http://www.nexans.com
About Platinum Equity
Platinum Equity is a global acquisition firm focused on mission-critical companies and a unique M&A&OSM model of value creation. Platinum employs more than 15,000 people serving more than 600,000 customer sites worldwide. Since its founding in 1995, Platinum has completed more than 40 privately funded transactions, including the 2002 acquisition in Europe of Alcatel's e-Business Distribution unit. That business, renamed NextiraOne, is a leading global provider of network solutions and services ' from planning and design to the implementation, support and management of voice, data and converged communications networks.