Nexans signs an agreement in principle to buy Brazilian company Furukawa Cabos de Energia S.A. (FCE)
Paris, January 14, 2003 - Nexans today announced it has signed an agreement in principle with Brazilian company Furukawa Industrial S.A. Produtos Elétricos (owned 51% by The Furukawa Electric Co., Ltd. (Japan) and 49% by Mitsui & Co., Ltd. (Japan, Brazil)) to acquire all the stock in its subsidiary Furukawa Cabos de Energia S.A. (FCE). The transaction is subject to a final agreement and other customary conditions.
Furukawa Cabos de Energia S.A. (FCE) offers a full range of bare and insulated aluminium cables for transportation and power distribution networks. Its business is focused mainly on the Brazilian market.
"This acquisition fits that part of our external growth strategy focused on participating in infrastructure projects in expanding markets, which is the case with Brazil where demand for energy remains high", said Gérard Hauser, Chairman and CEO of Nexans.
Furukawa Cabos de Energia S.A. had sales of approximately $50 million in 2002. It employs some 250 people based mainly at the Lorena manufacturing site (between São Paulo and Rio de Janeiro).
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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