Company acquires Egyptian manufacturer;joint venture in Oman
General Cable Corporation (NYSE: BGC), has acquired BICC Egypt. BICC Egypt manufactures a wide variety of wire and cable products for the electrical markets including low voltage insulated power and control cables, building wire, instrumentation cable, halogen free power and control cables, and overhead power cables. In the last 12 months, the business reported revenues of approximately $30 million.
The acquisition of BICC Egypt furthers the Company's geographic expansion by establishing a production and commercial base in one of the largest and fastest growing markets in the Mediterranean and North African region. The Company believes the demand for wire and cable products in Egypt will continue to grow faster than many other nations due to increasing investment in infrastructure and power generation projects, a growing population, and a favorable GDP outlook.
General Cable also has formed a joint venture with International Cable Industries LLC (ICI), a limited liability company organized in Oman. The joint venture company in which General Cable will have a majority interest will distribute a wide variety of wire and cable products for the energy, electrical infrastructure and construction markets in Oman and other Gulf Cooperation Council (GCC) countries. General Cable will provide access to a wide range of its products and offer technical support to ICI.