WUPPERTAL, Germany, Feb. 1 /PRNewswire/ -- Packard Electric Europe, a business unit of Packard Electric, announced the divestiture of its German cable manufacturing operations in Wuppertal and Berlin to Draka Holding N.V. of Amsterdam, Holland. The sale was effective Dec. 31, 1994, and is the second Packard operation to be purchased by Draka. According to Rene Haep, managing director of Packard Electric Europe, the transaction eliminates some non-core business from the European operations. "We must continue to focus on our core business, which is automotive power and signal distribution systems. Manufacturing cable for other industries such as telecommunications and aircraft will not help us maintain our market leadership in the automotive industry." Much of the cable produced by Packard's operations, Kabelwerke Reinshagen GmbH-Wuppertal and Kabelwerke Reinshagen Werk Berlin GmbH, is specialty cable for the computer industry, telecommunications and the aircraft industry, as well as utility, mining, offshore and fire resistant cable. Packard Electric will continue manufacturing automotive cable in Portugal, Turkey, United States and Mexico. All 840 employees associated with the cable and wire operations will transfer to Draka. No jobs will be lost in this transaction. Draka Holding is an international cable conglomerate headquartered in Amsterdam, with subsidiaries in the Netherlands, UK, Belgium, Portugal, Germany, U.S., Canada, Turkey, Singapore and Malaysia. In April 1994, Draka acquired the Packard cable wholesale/retail subsidiary-Hohn Kabel GmbH in Neuss, Germany. Headquartered in Warren, Ohio, U.S.A., Packard Electric is a division of Automotive Components Group (ACG) Worldwide, and employs more than 60,000 people at 160 locations in 27 countries on six continents. Packard Electric is a global supplier of power and signal distribution systems for a diverse customer base. ACG is a global automotive systems and component supplier, employing more than 168,000 people. -0- 2/1/95 /CONTACT: Ann Cornell, 216-759-6141, (Warren, Ohio), Tom Guthrie, 49-202-291-2240, or 49-202-291-3009, (Wuppertal, Germany), all of Packard Electric/ (GM) CO: Packard Electric Europe; Automotive Components Group Worldwide; Draka Holding N.V. ST: Ohio IN: TLS CPR AUT SU: TNM KA -- DE004 -- 1217 02/01/95 08:58 EST -0- (PRN) Feb/01/95 8:57 EOS (PRN) Feb/01/95 08:57 86 â -0- (PRN) Feb/01/95 9:12
PACKARD ELECTRIC EUROPE SELLS GERMAN CABLE MANUFACTURING
Press spacebar to pause and continue. Press esc to stop.