Highland Heights-Based Company Now Private, No Longer on NYSE
Highland Heights-based General Cable Corporation was acquired this week by Prysmian.
The now-completed acquisition makes General Cable a private company, meaning it will no longer be listed on the New York Stock Exchange (NYSE).
The company was acquired at $30 per share in cash, according to a news release. The sale is estimated to be worth $3 billion.
According to the Business Courier, General Cable employs around 400 people in Highland Heights, and has 8,500 total employees. Plans for the integration of the two companies, their employees, and facilities will be released in the coming weeks, the paper reported.
General Cable was the Greater Cincinnati/Northern Kentucky region's 10th-largest public company prior to its acquisition. The sale was announced last year.
The company develops, designs, manufactures, markets, and distributes aluminum, copper, and fiber optic wire and cable products for a variety of markets.
Prysmian Group works in the energy and telecom cable systems industry. It is based in Milan, Italy.