« BACK  

Prysmian Group to acquire the assets of the Shen Huan Cable for € 42 M

The Group shifts to an independent High Voltage offer in China, significantly improving competitiveness, flexibility and operational efficiency
The Group shifts to an independent High Voltage offer in China, significantly improving competitiveness, flexibility and operational efficiency

Prysmian Group, world leader in the energy and telecom cable systems industry, announces it has won a bankruptcy auction for certain assets of a HV cables factory in China previously operated by Shen Huan Cable Technologies for total considerationof around 305 million RMB (approx. € 42 million), plus taxes in the region of 30 million RMB (approx. € 4 million).

The procedure for completing the acquisition of these assets is expected to start in the next few days. This acquisition will be carried out by Prysmian Technology Jiangsu Co. Ltd., a company 100% owned by the Group's holding company in China, Prysmian China Investment Co. Ltd., incorporated after the announcement of the divestment of its 67% share in the Joint Venture formerly known as Prysmian Baosheng Cable Co. Ltd.

Once the acquisition is completed, Prysmian Technology Jiangsu will be able to count on manufacturing and logistics facilities consisting of an area of more than 190,000 sqmand 5 production lines (2 VCV lines up to 500 kV, 1 CCV line up to 220 kV and 2 CCV lines for MV cables) with a production capacity of over 20,000 tons per year. Prysmian Technology Jiangsu will offer a wide range of cable technologies and products, including Extra High Voltage and High Voltage cable systems as well as Medium Voltage and Fire Protection cables, from 6 kV to 500 kV.

Located in the city of Yixing, Wuxi municipality, Jiangsu province, the new facility will be capable of producing all the main designs available in the HV systems sector.

"Thanks to this acquisition - says Luigi Migliorini, CEO Prysmian Group China - Prysmian will significantly increase its competitiveness in the Chinese utilities market with greater operational flexibility, efficiency and technical developments. Prysmian Technology Jiangsu will primarily serve Chinese power utilities and grid operators as well as Asia Pacific and other developing and emerging markets, with a particular focus on high-tech projects".

PUBLISHED: 15 Dec 16 Bookmark and Share
Company:
Prysmian Group
Country:
Italy
Tel:
+39 02 6449 1
Fax:
+39 02 6449 1
Email:
marketing.energy@prysmiangroup.com
Website:
www.prysmiangroup.com
Other News from Prysmian Group:

»
Prysmian Group and Nanocomp Technologies sign technology cooperation agreement
»
Innovation and project execution for offshore wind farms in Northern Europe
»
Prysmian Group to acquire the assets of the Shen Huan Cable for € 42 M
»
Reopening of the Guatapé hydroelectric plant in Colombia
»
Prysmian at CIGRE 2016
»
Prysmian continues investing in the most competitive areas in Europe
»
Prysmian ready to offer the widest range of cables compliant with CPR
»
Power transmission submarine cable link between Sicily and Calabria
»
Double technology milestone in the field of power transmission
»
Breakthrough HVDC cable technology for power transmission grids
»
New cable solution enabling up to 15% cost reduction of offshore wind farms
»
Prysmian presents biggest European optical fibre plant
»
Prysmian sustaining the development of broadband networks
»
Prysmian reconfirms its technology and innovation leadership in the cable industry
»
Prysmian develops its highest fibre-count underwater cable for FirstPath
»
Prysmian's Cable Enterprise ready for sail out following upgrade works
»
Strengthening submarine power cables production capabilities
»
Fourth edition of international graduate program launched
»
Prysmian Group increases to 100% share in Estonian Keila Cables
»
Prysmian, new contract for Ausgrid power grid upgrades in Sydney
»
Prysmian, €40 M contract for a new underwater power link in Ireland
»
Prysmian secures BorWin3 project worth in excess of €250M
»
New contract for High Voltage cables in Denmark
»
Prysmian at EWEA Annual Event 2014 in Barcelona
»
Prysmian Group completes operations in Vietnam for South East Asia’s longest undersea cable system
»
Super safe eco-sustainable cables for Expo 2015 site
»
EIB funding of €100 million for R&D by Prysmian Group in Europe
»
Cooperation agreement with Russian power grid company Rosseti
»
Prysmian Group to showcase at EWEA Offshore 2013 In Frankfurt
»
Prysmian Group invests in the managers of tomorrow
»
New major contracts with Petrobras for Umbilicals and Flexible Pipes
»
Prysmian Group to showcase for the first time at KIOGE - Kazakhstan
»
Prysmian Group secures first-ever submarine power link in Capri
»
Prysmian implements with Terna the first High Voltage grid with high-performance eco-sustainable cable
»
Prysmian to strengthen its offer for marine and offshore application
»
Italy's tallest skyscraper cabled by Prysmian
»
Substantial completion of the "Hudson Project" power link achieved
»
Prysmian awarded contract to install submarine cables
»
Prysmian Group opens new optical cable plant in Slatina, Romania
»
Prysmian Group to showcase at OTC 2013 in Houston, TX
»
Prysmian secures DolWin3 project worth in excess of € 350 m for the grid connection of offshore wind farms in Germany
»
Prysmian Group chooses sailing to communicate the brand internationally
»
Prysmian at Middle East Electricity 2013
»
British Government names Prysmian 'Investor of the Year' in the UK


Industry News:
The Philadelphia Eagles Cheerleader handing Tommy his gift
Allied Wire & Cable donates $14,000 to Make-A-Wish Foundation
Allied Wire & Cable, USA
Brady Corporation's new, high performance B-7643 halogen free and non-adhesive cable tag
Easily print cable tags wherever you are
Brady Corporation, Belgium
The Maillefer team at wire Russia 2017
Thank you for visiting us at wire Russia 2017
Maillefer Extrusion Oy, Finland
CableBuilder integrates with SAP to give Southwire the leading edge
Southwire integrates CableBuilder to all its North American plants
Cimteq Ltd, UK
VICAFIL SENJA - Condat's new wire drawing soap
Higher drawing stability with VICAFIL SENJA
Condat SA, France
AWI App Launch: (l-r) Andrew Du Plessis, Natalie Baker and Mark Venables (all Alloy Wire)
AWI launches new app to help find the perfect alloy
Alloy Wire International, UK
Niehoff is expanding its activities into the field of stranding with its new subsidiary NIEHOFF Stranding Technology (NST)
Niehoff founds stranding subsidiary NST
Maschinenfabrik Niehoff GmbH & Co KG, Germany
The exhibition floor at Wire & Cable Guangzhou
Wire & Cable Guangzhou 2017 to open on 9 June
Guangzhou Guangya Messe Frankfurt Co Ltd, China (PR)
Goudsmit Magnetic Supplies has been awarded AS9100C certification and is therefore qualified as a supplier to the aerospace industry
AS9100C certification for Goudsmit Magnetics
Goudsmit Magnetics Group, Netherlands
The aim of the agreement is to fit nanotechnologies to cable systems for power grids, telecom networks and industrial applications
Prysmian Group and Nanocomp Technologies sign technology cooperation agreement
Prysmian Group, Italy
» VIEW ALL NEWS «