French cable manufacturer Nexans SA has announced the sale of its US subsidiary AmerCable to Canada's Mattr Corp for $280 million (€259.9 million).
Arkansas-based AmerCable, operational since 1922, serves critical infrastructure sectors including renewable energy, mineral extraction, and general industry.
In 2023, AmerCable reported €234 million in sales and has established expertise in solar and wind energy solutions, such as photovoltaic power cables and offshore wind substations. Notably, it supplies cables for the 704-MW Revolution Wind Farm offshore Rhode Island.
Mattr Corp, aiming to expand its wire and cable business within the US, stated that the acquisition will strengthen its portfolio in North America's critical infrastructure sector.
Mattr's CEO Mike Reeves highlighted the role of specialized cables in infrastructure expansion, positioning Mattr as a significant player in this sector.
Nexans, which acquired AmerCable for $275 million in 2012, stated that the sale aligns with its strategy to focus on electrification. Nexans' CEO Christopher Guerin described the transaction as part of a broader goal to streamline the group's portfolio. The sale is expected to close by the end of 2024, pending regulatory approvals.
