Greater Cincinnati loses one of its 10 largest public companies
CINCINNATI (Cincinnati Business Courier) - Greater Cincinnati has one less major public company.
Milan-based Prysmian Group (BIT PRY) closed on its acquisition of Highland Heights-based General Cable Corp. (NYSE: BGC) on Wednesday. As a result, General Cable has become a privately held company.
The deal, which is estimated to be worth about $3 billion as Prysmian paid $30 in cash per share, was announced in December.
General Cable has around 400 employees at its headquarters in Highland Heights and 8,500 total employees. A Prysmian spokesman said plans related to integration of the two companies including their executives, facilities and current employees will be released in the coming weeks.
General Cable was ranked No. 621 on this year’s Fortune 1,000 list and was the region’s 10th-largest public company with $3.84 billion in 2017 revenue, according to Courier research. It was the region’s best-performing stock in 2017 as a result of its sale announcement.
To learn more about the company and its sale, read the full story from the Cincinnati Business Courier.
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