General Cable to Acquire Comteq11/30/2004 7:54 AM Eastern
General Cable Corp. said Tuesday that it has reached an agreement in principle to acquire certain assets of Draka Holding's Comteq business in North America.
The deal cost will be $5 million-$10 million, and General said it expects annual productive capacity of approximately $35 million-$40 million. The company said the deal will close during the first quarter of 2005.
General develops, designs, manufactures, markets and distributes copper, aluminum and fiber optic wire and cable products for the energy, industrial, specialty and communications markets.
Comteq is a manufacturer of electronic cables, as well as high-end data products.
"The acquisition should significantly expand our position and capabilities in a number of high-value-added product areas," General vice president and general manager of Carol brand products Greg Lampert said in a prepared statement.