Encore Wire, a US manufacturer of copper and aluminum electrical wire and cables, has agreed to a takeover by Milan-based cables giant Prysmian in a deal valued at $4bn, reflecting the increasingly critical role that cable manufacturing capacity is seen as playing in the global energy transition.
Massimo Battaini, Prysmian CEO-designate, said the deal was aimed at enlarging the company’s North American presence, enhancing its portfolio, improving its geographic mix and generating synergies.
