HIGHLAND HEIGHTS, Ky. (AP) -- Wire maker General Cable Corp. said Monday that it will buy a majority stake in a Colombian wire and cable manufacturer for $45 million to help it expand in South America.
The company, which is based in Highland Heights, Ky., said it expects its purchase of a 60 percent interest in Procables SA to close in the second half of the year.
General Cable makes copper, aluminum and fiber optic wire and cable for several industries, including energy, construction and communications companies. The company said the deal allows it to partner with a well-established company and expand in the Andean region.
Procables' products include power cables and building wire. The company has 2 plants.
The Sredni Group, the privately held Colombian conglomerate that owns Procables, will keep a 40 percent interest in the business.
In 2011, Procables' revenue totaled $120 million. General Cable said it expects the addition to boost its profits in the first full year of operation.
