Nexans signs an agreement in principle for the acquisition of Kukdong Electrical Wires Company

Paris, December 2, 2002 - Nexans and a group of shareholders of Kukdong Electrical Wires Company have reached an agreement in principle for the acquisition by Nexans of a controlling block of shares in the Korean cable manufacturer Kukdong Electrical Wires Company. The transaction is subject to reaching a definitive agreement and other customary conditions.

Upon finalization of this transaction, Kukdong Electrical Wires Company would become a sister company of Nexans's existing Korean subsidiary, Nexans Korea.

"With the acquisition of Kukdong Electrical Wires Company, Nexans would become the worldwide leader in shipboard and marine cables, said Gérard Hauser, President of Nexans. This acquisition corresponds to two of our main strategic directions of realigning Nexans towards high added value products and development in high growth countries, such as in Asia".

Kukdong Electrical Wires Company had sales in 2001 of 100 million dollars. Its business is predominantly dedicated to marine cables for the Korean, Chinese and Japanese markets. Kukdong Electrical Wires Company employs 240 people.

 

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