General Cable Completes Sale Of Thailand Operations

(RTTNews) - General Cable Corp (BGC) on Monday said it has completed the sale of its Thailand operations to MM Logistics Co Ltd for cash consideration of about $88 million.

The closing of the sale of the Thailand operations is the first of a two-step closing process. The company expects the second closing to complete the sale of the remaining Asia Pacific operations including China, New Zealand and Australia to occur at the end of September.

Upon completion, the company expects to generate about $205 million of cash proceeds from the sale of Thailand, China, New Zealand and Australia. Proceeds will be used to reduce outstanding borrowings and pay related fees and expenses.

"We are executing our divestiture plan and focusing on operational excellence in our core markets in North America, Europe and Latin America," said Mike McDonnell, the company's chief executive officer. "Our financial position continues to improve as we apply sale proceeds to reduce outstanding borrowings and improve our core operations.