wiredInUSA November 2018

Cable plant changes hands

Onshore cable deal

LS Cable and System has signed a deal to supply high voltage cables to Denmark‘s state-run power firm, Orsted. Around 350km of onshore high voltage cables will be used in a power-generating complex on the coast of Yorkshire, England, with operations scheduled to begin in 2022. “This contract is meaningful because it continues the trend of supplying cables for renewable energy projects in Europe, the home of cable business. We hope to expand opportunities for projects in Europe, North America and Asia,” LS Cable and System’s CEO, Myung Roe-hyun, said in the statement.

Photo by Pepi Stojanovski on Unsplash

Saudi Cable Company has sold its Turkey subsidiary, Demirer Kablo, to China’s Jiangsu Zongitan Technology (ZTT) for approximately $66 million. A press release said that all the necessary approvals havebeenobtained, andcontrol of Demirer Kablo has been passed to the new owners. The plant, for the manufacture of high and extra-high voltage cables, was said to be worth $52 million. According to reports, Saudi Cable, which acquired Demirer Kablo in 1994, plans to refocus on its core businesses, and is taking steps to improve its financial position. The deal was described as the “first-ever outbound acquisition” for ZTT, which produces cables and accessories for communication and power transmission and distribution. ZTT also acts as general contractor for projects, and is particularly active in telecom, broadband, oil and gas, as well as in renewable energies including offshore wind farms.

wiredInUSA - November 2018

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