US Manufacturer Expands into Colombia

US-based General Cable has agreed to pay $45m for a 60% stake in Procables, a Colombian wire and cable products manufacturer, it says. Procables, which reported $120m in revenue in 2011, will remain 40% held by the local, privately-held Sredni Group, which General Cable sites as having over half a century of market experience in the region and sector. The deal value is inclusive of net working capital and debt adjustments, and is expected to close the second half of 2012, pending regulatory approval.