Printer Friendly

GENERAL CABLE ENTERS RUSSIAN JOINT VENTURE

 HIGHLAND HEIGHTS, Ky., July 6 /PRNewswire/ -- General Cable Corporation (NASDAQ: GENC) announced today that it has entered into a joint venture in Russia to produce automotive wire, plastic insulated building wires and other types of cable. The new entity will be called CAROL CABLE OF RUSSIA and will be located in Tambov, Russia, approximately 300 miles south of Moscow. The company will be a joint venture between GENEX, a partnership between General Cable Corporation and Videx Equipment Corporation of Paterson, N.J. and Yugovostockelectromontazh, a large Russian wire and cable manufacturer. The total investment in CAROL CABLE OF RUSSIA will be approximately $5.0 million including the value of equipment, land, building and working capital.
 CAROL CABLE OF RUSSIA will initially produce automotive wire and harnesses, PVC insulated building wire and eventually plastic cords and cord sets. Its output will be directed towards the Russian domestic market and, in the longer term, export to European countries and other Republics of the former Soviet Union.
 Equipment is currently reconditioned and purchased in the United States for shipment to the new plant location later in July. Start-up is scheduled for late September with commercial production anticipated in the fourth quarter of 1993. Joseph S. Dixon, senior vice president of manufacturing for General Cable has been appointed managing director of GENEX and will direct the start-up operations.
 The joint venture has the potential of becoming a major undertaking for General Cable, representing its initial thrust into eastern Europe. The intent is to establish the GENERAL CABLE and CAROL trade names in Russia, eastern Europe and the former Soviet Republics in anticipation of the maturing of these markets enabling the company to capitalize on this growth. The investment is a key element in General Cable's long range global strategy and joins other foreign operations of the company in China, Mexico, Canada and the United Kingdom.
 Videx is a manufacturer of new and reconditioned wire and cable equipment that markets machinery and technology on a worldwide basis. They also provide turnkey operations to the wire and cable industry internationally.
 General Cable manufactures and markets electrical, electronic and telecommunications wire and cable under the Carol Cable(A), Capital Wire & Cable, Romex(A), Saturday's Helper(A), Philadelphia Insulated Wire and General Cable brand names for the construction, consumer, automotive, OEM, and telecommunications markets.
 (A) -- Registered trademarks of General Cable Corporation.
 -0- 7/6/93
 /CONTACT: Robert J. Siverd, senior vice president, General Cable Corporation, 606-572-8890/
 (GENC)


CO: General Cable Corporation, Videx Equipment Corporation ST: Kentucky, New Jersey IN: SU: JVN

BM -- CL014 -- 8683 07/06/93 14:07 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 6, 1993
Words:432
Previous Article:NATIONSBANK, NAACP TO OPEN SIXTH COMMUNITY DEVELOPMENT RESOURCE CENTER IN FT. LAUDERDALE
Next Article:KING BEARING OPENS ITS FIRST CHICAGOLAND BRANCH; "MAKIN' IT WORK IN CHICAGO"
Topics:


Related Articles
AMERICOM ANNOUNCES SOVIET MOVE TO TERMINATE JOINT VENTURE
DEVELOPED TECHNOLOGY RESOURCE, INC. AND THE STATE INVESTMENT CORPORATION OF THE RUSSIAN FEDERATION AGREE TO FORM JOINT VENTURE
PHELPS DODGE TO ACQUIRE CABLE MANUFACTURING FACILITY IN CHINA
GENERAL INSTRUMENT HCL CORPORATION CREATE JOINT VENTURE IN INDIA; JV WILL PROVIDE BROADBAND EQUIPMENT FOR INDIA AND OTHER EMERGING MARKETS
General Cable Announces Proposed Joint Venture in Mexico
Lucent Technologies and Russia's SviazStroy-1 Form Fiber Cable Venture.
BICCGeneral Acquires Interest in Joint Venture in Germany And Announces Formation of Joint Venture in China.
CommScope to Partner With Furukawa Electric to Acquire Interest in Lucent's Fiber Optic Cable Business as Part of Furukawa's Purchase of Lucent's...
CORNING ACQUIRING MINORITY STAKE IN TRANSVOK FIBER OPTIC PLANT.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters