“We are
pleased with the continued execution and positive momentum we have achieved
in our divestiture program that we originally announced last October,” said chairman
of the board John E. Welsh, III. “This agreement to sell our Asia
Pacific operations represents another significant step to simplifying our
geographic portfolio and reducing organisational complexity. We remain
focused on the divestiture process for our businesses in Africa which
are advancing according to plan. We are also optimising our business,
reducing costs and driving efficiencies in our core markets in North
America, Latin America and Europe as we continue to
execute our restructuring program.”

Executive vice
president and chief financial officer Brian J. Robinson said, “We previously
completed the sale of our interests in Phelps Dodge International
Philippines, Inc., Keystone Electric Wire and Cable (China), and Dominion
Wire and Cables (Fiji) which together represented approximately $88
million of cash proceeds. Upon completion of the sale of our operations
in Thailand, China, New Zealand and Australia for an
estimated $205 million of cash consideration, the Company will have
generated approximately $293 million of cash proceeds from its
divestiture program which is consistent with our previously communicated
expectations.”

HSBC acted
as financial adviser to General Cable on the sale of its Asia
Pacificoperations (which includes China, Thailand, Australia
and New Zealand). Credit Agricole Corporate and Investment
Bank acted as co-financial adviser on the sale of General Cable’s operations
in China.