Canadian Electrical Industry News Week

Prysmian

December 4, 2017

Prysmian Group and General Cable Corporation have announced that they have entered into a definitive merger agreement under which Prysmian will acquire General Cable for $30.00 per share in cash. The transaction values General Cable at approximately $3 billion, including debt and certain other General Cable liabilities, and represents a premium of approximately 81% to the General Cable closing price of $16.55 per share on July 14, 2017, the last day of trading before General Cable announced its review of strategic alternatives.

The transaction, which has been unanimously approved by each company’s Board of Directors and recommended to its shareholders by General Cable’s Board of Directors, is expected to close by the third quarter of 2018, subject to the approval of General Cable’s shareholders representing at least a majority of the outstanding shares, regulatory approvals, and other customary conditions.

“The acquisition of General Cable represents a landmark moment for Prysmian Group and a strategic and unique opportunity to create value for our shareholders and customers,” said Valerio Battista, Prysmian Group CEO. “Through the combination of two of the premier companies in the cable industry we will be enhancing our position in the sector, by increasing our presence in North America and expanding our footprint in Europe and South America.”

John E. Welsh, III, Non-Executive Chairman of the Board of General Cable, said, “Today’s announcement is the culmination of a thorough and robust review of strategic alternatives undertaken by the General Cable Board of Directors. We are confident that this transaction maximizes value for our shareholders.”

Michael T. McDonnell, General Cable President and Chief Executive Officer, said, “This combination is an ideal strategic fit and ensures we are well-positioned to meet the future opportunities and challenges in the dynamic and evolving wire and cable industry. Together, we will be able to deliver a robust portfolio of products and services and new product innovation across the full breadth of the wire and cable industry globally. Importantly, Prysmian and General Cable have a shared vision and highly compatible cultures founded on similar values.”

Mr. McDonnell continued, “I am extremely proud of our people’s efforts to transform our business over the past several years, including rationalizing the asset base and refocusing on core businesses, streamlining our supply chain, and accelerating profitable growth and innovation in key segments. Today’s announcement is a testament to the team’s hard work and tireless dedication.”

Financial Highlights

Based on pro forma aggregated results for the twelve months ended September 30, 2017, the combined group would have had sales of over €11 billion and adjusted EBITDA of approximately €930 million. The combined group will be present in more than 50 countries with approximately 31,000 employees.

Prysmian expects the combined group to generate run-rate pre-tax cost synergies of approximately €150 million within five years following closing mainly from procurement, overhead costs savings and manufacturing footprint optimization. One-off integration costs are estimated at approximately €220 million.

The transaction is expected to generate EPS accretion1 in the range of 10-12% for Prysmian shareholders already within the first year following closing (excluding cost synergies and before related implementation costs).

Potential Equity Financing

The Board of Directors of Prysmian S.p.A. has requested the Group Chief Financial Officer to analyze the opportunity for Prysmian S.p.A. to implement over the next 12 months a rights issue or other comparable structures for an aggregate maximum amount of €500,000,000. 

 Electrician Forum Brought to You by Schneider Electric             

The Electrician Forum is a monthly column that provides valuable information to electricians and electrical contractors on current industry trends and concerns. 

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In this issue: 

Owning your own business is something many of us have dreamt of doing. Who wouldn’t want to be their own boss? It is a valid question that many entering the electrical trade consider. However, dreams tend to create an image that doesn’t always suit reality. Surviving in the residential electrical market involves a lot of out of the box thinking and as we have said and can’t stress enough, hard work. To gain insight into the various challenges faced by small electrical contractors EIN sat down with Steve Beeby, Master Electrician, and owner/operator of Beehive Electric, as small residential electrical contracting company based in Elmvale, Ontario.

read more...

Watch a portion of the interview conducted by Electrical Industry Canada with Steve Beeby of Beehive Electric

 

CSA

Now in its 24th edition, the 2018 Canadian Electrical Code, Part I includes a number of significant updates and changes to better help electrical workers in the safe maintenance of electrical equipment and create safer electrical installations.

This edition features important revisions to many sections. For example, Section 26 now mandates the use of tamper-resistant receptacles in additional areas where children may be present. Section 62 now requires ground fault circuit interrupter protection for heating devices and controls in proximity to tubs, sinks, and shower stalls. Section 10 has been updated, reorganized, and significantly reduced in length.

 Read more...

 



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 Sean Freeman

Sean Freeman is a vibrant, enthusiastic and selfless individual who has taken his trade expertise beyond that of a simple career. Not only is he a Master Electrician but he has traveled around the world as an electrical technician delegate with the Red Cross Emergency Response Unit. His skills are a vital part of emergency response and disaster relief.

In 2013 Sean responded to Typhoon Haiyan in the Philippines. In 2014 Sean spent almost a month in Kenema, Sierra Leone working at the Ebola Treatment Centre. There he was responsible for ensuring electricity and clean water were available, and worked to strengthen the infrastructure of the facility. 

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