General Cable gets a platform to continue its global growth strategy in the Philippines and Southeast Asia with its purchase of a majority stake in a joint venture in the Philippines. General Cable will assume majority ownership of the venture, Phelps Dodge Philippines, increasing its stake from from 40 percent to 60 percent. PDP, with about $100 million in sales in 2007, is one of the largest wire and cable makers in the Philippines, manufacturing products for the construction sector of the Philippine economy. General Cable has its sights on other sectors of the Philippine wire and cable market too, as it plans to share its technology from other parts of the world, where it's involved in alternative energy and undersea cabling. "General Cable will make PDP a key part of its platform to further its strategic expansion in the region," says Andres Soriano III, chairman of Anscor, GC's partner in the joint venture.
Writer: David Holthaus
Source: Michael Dickerson, General Cable
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