Italy’s Prysmian to Acquire U.S.-Based Encore Wire

Italy’s Prysmian Group, which includes the Draka Elevator business, on April 15 announced a US$4.15-billion deal to acquire U.S. firm Encore Wire, outlets including Reuters report. “M&A is in our DNA,” observed Prysmian CEO Massimo Battaini, who on April 18 is set to inherit the role from previous CEO Valerio Battista. Battaini said the acquisition will make Prysmian “even more relevant” in North America, which, with the inclusion of Encore Wire, will “account for more than 30% of Prysmian’s core earnings,” according to the source. The group continues to focus on organic growth powered by market trends. Encore Wire’s products include the ABR Flexible Conduit that can be used in elevators, hoistways, escalators and industrial machinery. Prysmian acquired Netherlands-based Draka in 2011. The Encore Wire deal is expected to close in the second half of 2024.