Nexans announces the execution of an agreement to sell AmerCable to Mattr for US$280 million, subject to regulatory clearance.With the proposed transaction Nexans continues to deliver on the implementation of its strategy to refocus as a Pure Electrification Player.
PARIS, Nov. 8, 2024 /PRNewswire/ — Nexans (NEX.FP), a leader in the global energy transition, announces today the execution of an agreement to sell AmerCable, a leading manufacturer of electrical power, control and instrumentation cables for harsh environments, to Mattr (MATR.TO) for an Enterprise Value of $280 million.
Since 1922, AmerCable has been producing power cables designed to operate reliably over long periods of time in extremely harsh operating environments for mining, and oil & gas markets. Based in the United States, Arkansas, with 300 employees. AmerCable reported in 2023 standard sales of €234 million.
Christopher Guérin, Nexans CEO: “This agreement aligns with our strategy to refocus on Electrification and simplify the Group. Acquired in 2012, AmerCable has been a key pillar of our Industry & Solutions portfolio. The business went through a significant transformation over the last decade and in the last three years, with the implementation of our SHIFT program, we have brought the business to its full potential and full capacity. It was therefore the appropriate time to look for a new owner that could invest and grow the business further as our cycle was successfully completed. Our AmerCable colleagues will join a company with a great strategic fit and focus on specialty cables in North America.”
Mike Reeves, Mattr CEO added: “AmerCable is a highly respected North American cabling company with exceptional brand and product development capabilities. We plan to grow the business further and expand its successful operations”
The proposed transaction remains subject to the fulfilment of customary conditions for this type of transaction, including regulatory approvals and is expected to close around year end.
About Mattr
For over 50 years, Mattr has delivered advanced materials technologies and complex manufacturing expertise. Through a portfolio of brands, Mattr offers highly engineered solutions, technology, and products to support infrastructure projects and markets worldwide. From energy, to automotive, to communication, and transportation, Mattr serves a wide breadth of industries and markets.
For more information, please visit: https://www.mattr.com/
About Nexans
For more than a century, Nexans has played a crucial role in electrifying the planet and is committed to electrifying the future. With almost 25,000 staff in 42 countries, the Group is driving the change towards the new world of electrification: a safer, more sustainable, renewable, carbon-free world, accessible to all. In 2021, Nexans generated €6.1 billion in standard sales. The Group is a leader in the design and manufacture of cable systems and services in five main areas of activity: Energy Production & Transmission, Distribution, Uses, Industry & Solutions and Telecom & Data. Nexans was the first player in its industry to create a Corporate Foundation to support actions that promote access to energy for disadvantaged populations worldwide. The Group is committed to helping achieve carbon neutrality by 2030.
Nexans. Electrify the future.
Nexans is listed on the Euronext Paris stock market, compartment A.
For more information, please visit www.nexans.com
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SOURCE Nexans
