July 16, 2017
General Cable Corp. announced today that its board of directors has initiated a review of “strategic alternatives to maximize shareholder value,” including a potential sale of the company. To that end, it has engaged J.P. Morgan Securities LLC as financial advisor and Sullivan & Cromwell LLP as legal advisor to assist in the process.
“I am proud of the efforts of our people to transform our business over the last two years, including rationalizing the asset base and refocusing on core businesses, streamlining our supply chain, and accelerating profitable growth in key segments, said company president and CEO Michael McDonnell. “While we are benefiting from these significant operational and financial performance improvements, current dynamics in our industry are masking those accomplishments, and we expect that trend to continue through the second half of 2017 and into 2018.”
General Cable said in a statement that there can be no assurance that the board’s strategic review will result in any transaction, or any assurance as to its outcome or timing.
General Cable today also announced preliminary financial results for the second quarter ended June 30, 2017. The company expects to report revenues of approximately US$923 million for North America, Europe and Latin America. It also expects to report reported operating loss and adjusted operating income for the second quarter of approximately US$23) million and US$32 million, respectively.