General Cable Corporation Completes the Acquisition of Alcan Cable China

  General Cable Corporation Completes the Acquisition of Alcan Cable China

Business Wire

HIGHLAND HEIGHTS, Ky. -- December 03, 2012

General Cable Corporation (NYSE: BGC) (the Company) announced today that it
has completed the acquisition of Alcan Cable China. Alcan Cable China
represents approximately 10% to 15% of overall revenues of Alcan Cable.

“Alcan Cable China has a 430,000 square foot, vertically integrated
manufacturing plant in Tianjin, China and ten regional sales offices. Since
its start-up in 2007, the business has matured in a relatively short amount of
time building a sales infrastructure and a premium brand with a strong
reputation in the Chinese market, which represents nearly one-third of global
wire and cable demand. We believe the synergies of this acquisition coupled
with an established platform from which to introduce and grow other General
Cable product lines further enhances the value proposition to our customers.
We are honored and proud to become part of General Cable,” said Alex Tham,
Managing Director, Alcan Cable China.

“We are pleased to have completed the second and final step of the acquisition
of Alcan Cable. We have brought together two companies with more than 200
years of combined experience in the wire and cable industry serving important
markets in North America and now China. Alcan Cable China is highly
complementary to our two long-standing partnerships in China and continues to
generate positive momentum in the market. We are off to a fast start executing
on our integration plans in North America and expect to do the same with the
business in China,” said Gregory B. Kenny, President and Chief Executive
Officer of General Cable.

The Company estimates that the overall Alcan Cable business will contribute
approximately $650-$700 million in annual revenues at current aluminum prices,
and over a cycle, the operating margin profile is expected to be consistent
with the Company’s existing businesses as manufacturing, logistics, and
purchasing synergies are realized. The Company expects Alcan Cable North
America to contribute meaningfully in the fourth quarter of 2012 while Alcan
Cable China’s contribution is expected to be de minimis to fourth quarter
results as step-up purchase accounting adjustments offset the base earnings in
the business in China.

General Cable (NYSE:BGC), a Fortune 500 Company, is a global leader in the
development, design, manufacture, marketing and distribution of copper,
aluminum and fiber optic wire and cable products for the energy, industrial,
specialty, construction and communications markets. For more information about
General Cable products, please contact your local sales representative or
visit our Web site at www.generalcable.com.

Alcan Cable, the wire and cable business of Rio Tinto plc (LSE: RIO), a
100-year-old leader in the production of aluminum cable for the utility and
building industries, offers a wide range of bare and insulated conductors to
both the utility and distribution markets, supporting them with highly capable
resources to ensure the highest value application of our products. For more
information about Alcan Cable, please visit the Company’s Web site at
www.alcancable.com.

Forward Looking Statements

Certain statements in this press release including, without limitation,
statements regarding future financial results and performance, plans and
objectives, capital expenditures and the Company’s or management’s beliefs,
expectations or opinions, are forward-looking statements. These statements are
made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are those that
predict or describe future events or trends and that do not relate solely to
historical matters. Forward-looking statements can generally be identified as
statements containing the words “believe,” “expect,” “may,” “could,”
“anticipate,” “intend,” “should,” “estimate,” “project,” “will,” “plan,”
“assume,” “seek to” or other similar expressions, although not all
forward-looking statements contain these identifying words. In addition,
forward-looking statements are subject to certain risks and uncertainties that
could cause actual results to differ materially from those discussed in
forward-looking statements as a result of factors, risks and uncertainties
over many of which the Company has no control. These risks, uncertainties and
factors specific to the Alcan Cable acquisition include, but are not limited
to: (i) the occurrence of any event, change or other circumstance that would
result in the termination or delay of the proposed Alcan Cable acquisition,
(ii) the inability to complete the proposed acquisition due to the failure of
the Company or Alcan Cable to satisfy any of the conditions to the closing of
the acquisition, including the failure to obtain necessary regulatory
approvals, (iii) the risk that the proposed acquisition could disrupt the
plans and operations of the Company, Alcan Cable or both and the potential
difficulties of employee retention as a result of the acquisition, and (iv)
the risk that the Company may not realize the expected financial and other
benefits from the proposed acquisition. The foregoing factors should not be
construed as exhaustive and should be read in conjunction with the risk
factors described in the Company’s Annual Report on Form 10-K filed with the
Securities and Exchange Commission (the “SEC”) on February 23, 2012, as well
as any current and periodic reports filed with the SEC subsequent to such
date. Forward looking statements reflect the views and assumptions of
management as of the date of this Current Report with respect to future
events. The Company does not undertake, and hereby disclaims, any obligation,
unless required to do so by applicable securities laws, to update any
forward-looking statements as a result of new information, future events or
other factors. The inclusion of any statement in this Current Report does not
constitute an admission by the Company or any other person that the events or
circumstances described in such statement are material.

Contact:

General Cable Corporation
Len Texter, Director, Investor Relations, 859-572-8684
 
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