Nexans buys PETRI, a medium and low-voltage cable accessories manufacturer, and sells AGRO AG, an electrical installation equipment manufacturer
Paris, June 10, 2002 - Nexans, the worldwide leader in the cable industry, has just concluded two structuring operations.
The Group has bought the German company PETRI, a specialist in the design, manufacture and sale of medium and low-voltage accessories for power cable networks. This company, which has subsidiaries in the Czech Republic, Lithuania and Bulgaria, employs 140 people and made sales of about 19 million euros in 2001. This activity will be consolidated in the second half of the year, as soon as the last closing conditions are met.
Nexans has also sold the Swiss company AGRO AG, specialized in the manufacturing of equipment for electrical systems, to the Kaiser AG Group. This activity represented annual sales of 20 million euros, and was part of the Group's Distribution Division. The sale of this company, materialized by a deconsolidation on June 1, 2002, should result in a capital gain of about 11 million euros in the first semester accounts.
Gérard Hauser, Chairman and CEO of Nexans stated: "The acquisition of Petri is in line with the Group's strategy which aims at developing leadership positions in the infrastructure activities, and in the energy sector in particular. This relatively modestly sized acquisition complements Nexans' cables and accessories offering. The purchase was financed by the transfer of less essential activities."
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 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. With an industrial presence in 28 countries and commercial activities in 65 countries, Nexans employs 17,500 people and had sales in 2001 of euros 4.8 billion. Nexans is listed on the Paris stock exchange. More information on www.nexans.com