Prysmian Group has finalized the acquisition of the remaining 34% interest in AS Draka Keila Cables, thereby becoming the sole shareholder of this Estonian cable company, which joined the Group following the acquisition of Draka in 2011.
The price of this acquisition amounts to $8.4 million and takes into consideration a positive net financial position (cash) of approximately $6.7 million at the end of 2013.
Draka Keila Cables reported sales of approximately $73.2 million in 2013 and is expected to deliver growing results in 2014, taking advantage of the favorable development of market demand in the reference market of Baltic Republics and Nordic Countries.
With 6 plants in Finland, Sweden, Norway, Denmark and Estonia Prysmian Group can rely on a prominent presence in the Nordic region. The Company is able to offer a wide range of products from submarine and underground high and medium voltage cable systems, to special cable solutions for the oil & gas, the marine industry, the renewable energy sector, telecommunication and cablings for the construction sector.
The investment in Keila Cables will allow the Group to further speed up the development of its growth strategy in this high potential region.