Prysmian SpA history, profile and corporate video
Prysmian SpA engages in the development, design, manufacturing, supply, and installation of cable solutions. The company operates through the Energy and Telecom business segments. The Energy segment offers cables and systems for underground and submarine power transmission, special cables for applications in many different industrial sectors, and medium and low voltage cables for the construction and infrastructure industries. The Telecom segment manufactures cables and accessories for the voice, video and data transmission industry through its optical fiber, optical cables, connectivity components and accessories, optical ground wire cables, and copper cables business lines. The company was founded on May 12, 2005 and is headquartered in Milan, Italy.“
Prysmian Group was created in 2011 through the union of Prysmian and Draka, both market leaders for innovation and technological know-how in the cable industry. In 2009, Italian cable manufacturer Prysmian made a takeover offer for Draka, but doubts began to emerge in August. Prysmian called off the takeover talks in early September. In October 2010, French cable maker Nexans made a €15/share offer to buy the 43.9% of the company held by Flint Beheer, an investment fund owned by the wealthy Fentener van Vlissingen family. Nexans indicated that it would sell off Draka’s telecommunications activities. However, Draka rejected Nexans’ offer, and on 22 November 2010 instead accepted Prysmian’s new offer of €17.20/share (9.1x EBITDA). Prysmian intended to integrate Draka’s operations into their own, rather than breaking it up; integration costs are estimated at €170 million over three years. The merger of Prysmian and Draka, and the integration of the two market-leading companies, culminated in the creation of the world’s largest cable maker by revenue, the Prysmian Group.
Prysmian was originally founded in 1879, as Pirelli Cavi e Sistemi. Indirectly controlled by The Goldman Sachs Group Inc., the company signed an agreement in 2005 to purchase the Cables and Systems division of Pirelli & C. S.p.A. On June 1, 2005, Prysmian Srl signed an agreement to purchase the Energy Cables and Systems and Telecom Cables and Systems activities of Pirelli & C. S.p.A. The transaction was completed on July 28, 2005, after regulatory approval by the relevant antitrust authorities. On January 16, 2007 Prysmian Srl was transformed into a stock corporation called Prysmian SpA and quoted in the FTSE Mib index of the Milan stock exchange. On 22 November 2010 Prysmian announced its intention of making a public mixed exchange and cash offer for the shares of Draka. The offer was launched on 5 January 2011 and concluded successfully on 8 February 2011.
Draka was founded in 1910 by Jan Teewis Duyvis as Hollandsche Draad & Kabel Fabriek. In 1970, Draka was acquired by Philips and became part of the Philips’ Wire and Cable division. Through a buyout financed by Parcom and Flint Beheer, Draka became independent in 1986 at which point the name Draka was born. It formerly had a joint venture with Alcatel-Lucent for manufacturing optical fibre, but bought out its partner’s 49.9% stake for €209 million in December 2007.”
*Information from Forbes.com and Wikipedia.org
**Video published on YouTube by “Prysmian Group“