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General Cable Corp. Increases Percentage of Ownership of Phelps Dodge
Philippines
(Wireless News Via Acquire Media NewsEdge)
General Cable Corp., a global supplier of wire and cable products for
the energy, industrial, and communications markets, and its joint
venture partner, A. Soriano Corp. (Anscor), announced that the Company
has increased its equity ownership in Phelps Dodge Philippines, Inc.
(PDP) from 40 percent to 60 percent.
According to General Cable Corp., PDP is a joint venture established in
1955 by Anscor, a Philippine public holding company with diverse
investments, and Phelps Dodge International Corp. (PDIC), a subsidiary
of the Company which was acquired in the fourth quarter of 2007. PDP
reported revenues of about $100 million in 2007.
The investment complements General Cable's strategy in the region by
providing a platform for further penetration into Southeast Asia
markets as well as supporting ongoing operations in Australia, the
Middle East and South Africa, according to company officials.
"We have worked very closely with PDIC as our partner for more than
half a century. Our mutual respect and willingness to share ideas have
resulted in PDP establishing a leadership position in the Philippines.
We are pleased that General Cable will make PDP a key part of its
platform to further its strategic expansion in the region," said Andres
Soriano III, Chairman of Anscor.
Mathias Sandoval, Executive Vice President, General Cable Corp.,
President and Chief Executive Officer, General Cable Latin America,
Sub-Saharan Africa & Mideast/Asia-Pacific said, "Because of the
leadership that Soriano has shown over the last 20 years, PDP has
maintained its reputation for high quality and product innovation in
its served markets. We are honored that this leadership and guidance
will continue as Soriano will remain as Chairman of the Board of the
joint venture."
((Comments on this story may be sent to newsdesk@closeupmedia.com))
((Distributed on behalf of 10Meters via M2 Communications Ltd -
http://www.m2.com))
((10Meters - http://www.10meters.com))
Copyright ? 2008 Wireless News
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