Nexans (NEX.FP), a leader in the global energy transition, announces today the execution of an agreement to sell AmerCable, a leading manufacturer of electrical power, control and instrumentation cables for harsh environments, to Mattr (MATR.TO) for an Enterprise Value of $280 million.
Since 1922, AmerCable has been producing power cables designed to operate reliably over long periods of time in extremely harsh operating environments for mining, and oil & gas markets. Based in the United States, Arkansas, with 300 employees. AmerCable reported in 2023 standard sales of €234 million.
Christopher Guérin, Nexans CEO: “This agreement aligns with our strategy to refocus on Electrification and simplify the Group. Acquired in 2012, AmerCable has been a key pillar of our Industry & Solutions portfolio. The business went through a significant transformation over the last decade and in the last three years, with the implementation of our SHIFT program, we have brought the business to its full potential and full capacity. It was therefore the appropriate time to look for a new owner that could invest and grow the business further as our cycle was successfully completed. Our AmerCable colleagues will join a company with a great strategic fit and focus on specialty cables in North America.”
Mike Reeves, Mattr CEO added: “AmerCable is a highly respected North American cabling company with exceptional brand and product development capabilities. We plan to grow the business further and expand its successful operations”
The proposed transaction remains subject to the fulfilment of customary conditions for this type of transaction, including regulatory approvals and is expected to close around year end.
