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In one of the most dramatic changes to the global cable industry in more than a decade, it looks likely that Tianjin Xinmao S&T Investment Corp. Ltd. (“Xinmao” on Xin Mao) may well acquire one of the leading cablemakers worldwide– Draka Holdings
France’s Nexans SA, the world’s largest cable maker, said Monday 18 October 2010 that it intends to launch an offer to buy all outstanding shares of Dutch cable maker Draka Holding NV for €15 per share, or around €730 million (US$1 billion).
Nexans has reported sales in the first half of 2010 of €2.955 billion, compared to €2.514 billion in H1 2009.
Oki Electric Cable Co has seen its stock price rise sharply in Toyko this week, as it raised its group net profit forecast to Yen 160 million in FY 2011. It had previously projected a profit of Yen30 million.
Southwire has announced that it purchased Tappan Wire & Cable Inc. Tappan, which has headquarters and a manufacturing facility in Blauvelt, New York State (NY), supplies the electronics, signal/control and industrial markets. The company also makes a wide variety of specialty and custom electronics cables.
Leoni AG has raised its forecast for its performance prospects in fiscal 2010. Leoni now expects to generate sales of between €2.6 and €2.7 billion and to achieve a year-on-year increase of between 20-25%. Earnings before interest and taxes (EBIT) are now put at about €100 million. Leoni previously projected a sales rise of about 10 percent to €2.4 billion with EBIT of at least €50 million.
B3 Cable Solutions (based Manchester UK) confirmed on 13 July 2010 that its Irish division will go into liquidation, after the receiver appointed on 30 June was unable to sell the firm as a going concern. The unit’s Longford plant, which manufactured copper-based cable for Eircom and other customers, will close with the loss of 104 jobs and assets will be sold off.
Tyco Electronics has agreed to buy ADC Telecommunications for US$1.25 billion, including debt, as it seeks to strengthen its position in the broadband connectivity market. ADC has net debt of about US$100m
