General Cable completes acquisition of Alcan Cable North America

General Cable Corp. completed its acquisition of the North American portion Alcan Cable for $151 million.

General Cable (NYSE: BGC) expects to complete the acquisition of the Alcan Cable business operating in China for $34 million in a separate and subsequent closing before the end of 2012. Both deals are subject to customary closing adjustments.

The Highland Heights-based manufacturer announced it was buying Alcan Cable, the wire and cable business of Rio Tinto PLC, in May.

The company expects the overall Alcan Cable business will add about $650 million to $700 million in annual revenues at current aluminum prices.

“We welcome Alcan Cable associates to General Cable and look forward to immediately sharing best practices as we realize manufacturing, logistics, and purchasing synergies created by this acquisition. Expanding our product portfolio through an enhanced aluminum-based cable offering further strengthens the value proposition to our electrical distributors and utility customers alike,” Gregory Lampert, CEO of General Cable North America, said in a news release.

The acquisition will be funded using General Cable’s recently amended and enlarged asset-based revolving credit facility and cash on hand.

General Cable is a global manufacturer of copper, aluminum and fiber optic wire and cable products for the energy, industrial, specialty, construction and communications markets.

The company's stock rose 0.7 percent, or 20 cents, at the start of trading Wednesday to $27.57 per share.

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