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
/CONTACT: Ann Cornell, 216-759-6141, (Warren, Ohio), Tom Guthrie,
49-202-291-2240, or 49-202-291-3009, (Wuppertal, Germany), all of
CO: Packard Electric Europe; Automotive Components Group Worldwide;
Draka Holding N.V.
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