Italian Prysmian Acquires U.S. Competitor Encore Wire

Italy-based Prysmian, one of the world’s leading wire manufacturers, has signed a contract to acquire its U.S. competitor Encore Wire for EUR3.9 billion (US$4.16 billion).

According to the statement by Prysmian, Texas-based Encore Wire accepted Prysmian’s cash offer of US$290 per share. The offer corresponds to a figure approximately 11%  above the stock market closing price of Encore Wire’s shares on April 12.

Providing energy distribution solutions by manufacturing copper, aluminum electric wires and cables, Encore Wire yielded approximately US$2.6 billion in revenue and US$ 517 million in profit before interest and taxes (EBIDTA) last year.

A leader in the industry of energy and telecommunication cables, Prysmian recently renewed its corporate identity and logo. Prysmian’s Chief Officer of Investor Relations, Sustainability and Communication Maria Cristina Bifulco said, “With our new brand identity, we adapt Prysmian’s image to the rapid change of the industrial sector we aim to lead. We also aim at reflecting our green energy efforts and sustainability vision to every corner of the world.”

Prysmian Türkiye has been in Mudanya (Bursa) since 1964 and operates on an open area of 180,000 m² in total (and 79,000 m² closed area).