The divestiture is a part of General Cable reorganization plan

June 25, 2015

General Cable Corp. disclosed it had taken a key step in its reorganization plan, by selling its Asia Pacific operations to MM Logistics Co. Ltd. of Bangkok, Thailand for USD 205 million in cash. The Highland Heights-based Fortune 500 company’s Asia Pacific operations consist of businesses in Thailand, China, New Zealand and Australia. The company said it expects the sale to close in the third quarter, subject to customary closing conditions. Proceeds are expected to be used to reduce outstanding borrowings and pay related fees and expenses, the company said in a news release.

“We are pleased with the continued execution and positive momentum we have achieved in our divestiture program that we originally announced last October,” said John E. Welsh III, board chairman, in the release.

General Cable previously sold its interests in Phelps Dodge International Philippines, Inc., Keystone Electric Wire and Cable (China) and Dominion Wire and Cables (Fiji) for about USD 88 million in cash proceeds. The combined USD 293 million from the sales “is consistent with our previously communicated expectations,” said Brian J. Robinson, executive vice president and chief financial officer, in the release.