11 June 2018
| Natalie Bannerman
Prysmian Group is relaunching as a new organisation and beginning the integration of General Cable since closing its $3 billion acquisition.
Headquartered in Milan and with sales of over €11
billion the new group will hire approximately 30,000 employees
at 112 plants and 25 R&D centres in over 50 countries. The
company has also confirmed the appointment of 450 new managers
at global level.
"We are proud to have established
our second home region in the United States, contributing to
the development of the country's economy with our best
technologies and expertise. Today, we begin to operate as a
single team with shared objectives," said Valerio Battista,
chief executive officer of Prysmian Group. "Integrating the two
companies’ cultures, business segments,
geographical markets, production facilities and staff
functions. Protecting our business and creating value: these
are our priorities."
As a result of the integration North America will now
account for approximately one third of the Group’s
sales. In addition, the North American head office will be
based in Highland Heights, Kentucky with an added 23 plants
throughout the region operated by roughly 5,800 staff.
The new organisation will bring together the strengths of
both Prysmian and General Cable based on centralised
governance, integrated management of global businesses, clear
results-based responsibilities, a focus on efficiency and
technological innovation and a customer-centric approach.
Overall the combining of General Cable will enable further
expansion of the range of technologies and products offered by
Once the integration is complete the new organisation will
operate under a new matrix model that is structured along 3
lines. The first being the group’s
centralised functions, which aims to create a highly
integrated single company. The second being
regions, which ensures proximity to the market
and the third being business areas -
energy, telecoms and projects - which is responsible for
product and cross-selling strategies.
"With the aim of identifying and retaining top talent, we
conducted a thorough selection process based on the 'best
people for the job’ principle, ensuring equal
opportunities to people from Prysmian and General Cable. The
result is an international management team composed of 450
people who from the outset have been given clear
responsibilities and precise objectives," added Fabrizio
Rutschmann, chief human resources officer of Prysmian Group.
Prysmian Group first announced plan to buy General Cable for $3
billion back in December 2017, with Battista
describing the move as "strategic and unique opportunity to
create value for our shareholders and customers."
In March the deal was cleared by the US antitrust
authorities, when the waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act applicable to the
proposed acquisition of General Cable Corporation expired on 7