General Cable To Sell Asia Pacific Operations To MM Logistics For $205 Mln.

(RTTNews) - General Cable Corp (BGC) on Thursday said it has agreed to sell its Asia Pacific operations to MM Logistics Co Ltd for about $205 million in cash.

The company expects to close the sale of the operations in the third quarter.

The deal's consideration includes preliminary estimated net cash of $30 million available at the closing of the purchased businesses, subject to customary working capital adjustments at the respective closing dates, General Cable said.

General Cable expects to use the proceeds from the deal to reduce outstanding borrowings and pay related fees and expenses.

General Cable's Asia Pacific operations consist of businesses in Thailand, China, New Zealand and Australia. The divestiture is part of a restructuring program announced last October.

The company said it remains focused on the divestiture process for its businesses in Africa. It is also optimizing business, reducing costs and driving efficiencies in core markets in North America, Latin America and Europe.