|Today we feature another press release from our latest Multi Media Partner, Prysmian, who have signed a term sheet with the Indian company Nicco Corporation for a majority stake in the new JV Cable Company. For full press details please read on:
Prysmian signed a term sheet with Indian Nicco Corporation for a majority stake of a new JV Cable company
Prysmian Cables & Systems, a worldwide leading player in the cable industry, has signed a Term Sheet with Indian Nicco Corporation to become the majority shareholder of a new joint venture company that will encompass all Nicco Corporation’s cable activities. The Board of Directors of Prysmian today approved in principle the entrance into the Term Sheet. The deal, subject to the finalization of a definitive agreement and further approval/consent of Nicco’s corporate debt lenders and relevant local authorities, is expected to close during the first half of 2008. Nicco Corporation will remain as a minority shareholder of the new Joint Venture Company.
With net sales of 55.2 million Euro in Fiscal Year 2006-2007 Nicco Corporation’s cable division has 2 manufacturing operations, 6 branch offices located in the country’s most important urban areas and approximately 900 employees. Nicco Corporation’s cable division is active in the production of a wide range of medium voltage and low voltage power cables and industrial cables for applications in several sectors (OEMs, Windmill, Infrastructure, Mining, Raylways, Defence, etc.).
A leading player in the industry of high-technology cables and systems for energy and telecommunication, the Prysmian Group is a truly global company with sales exceeding 5 billion euro in 2006 and a strong position in higher-added value market segments. With its two business, Energy Cables & Systems (submarine and underground cables for power transmission and distribution, for industrial applications and for the distribution of electricity to residential and commercial buildings) and Telecom Cables & Systems (optical cables and fibres and copper cables for video, data and voice transmission), Prysmian boasts a global presence with subsidiaries in 34 countries, 54 plants in 20 countries, 7 Research & Development Centres in Europe, USA and South America, and over 12,000 employees. Specialising in the development of products and systems designed to meet clients’ specific requirements, Prysmian’s key strengths include: a focus on Research & Development, the capacity to innovative on products and production processes, and the use of advanced proprietary technologies. Prysmian is listed on the Milan Stock Exchange Blue Chip index.