General Cable shareholders approved in February Prysmian's purchase offer for USD 30 per share, amounting to USD 3 billion. The acquired company is now to be integrated in Prysmian, and that requires a restructure of the organization, Prysmian writes in a press statement.
The statement informs that the new organization will combine strengths from Prysmian Group and General Cable , which will be "based on centralized governance and integrated management of global businesses, clear responsibilities for results, a focus on efficiency and technological innovation and a customer-centric approach enabled by teams dedicated to key customer accounts."
More specifically, the new organization is built around a matrix model focusing on three core areas.
"The Group’s centralized functions, which aim at fostering the creation of a highly integrated "One Company”; the Regions, which ensure proximity to the market; and the Business areas (Energy, Telecom and Projects), which are responsible for product and cross-selling strategies," Prysmian writes in the press statement.
"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,” explained Fabrizio Rutschmann, Chief Human Resources Officer" says Prysmian Chief HR Officer Fabrizio Rutschmann in the press statement.
The purchase of General Cable increases the group's annual revenue to over EUR 11 billion and mean the company will employ a total of 30,000 staff at 112 factory facilities and 25 R&D centers distributed across 50 countries.
"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: Integrating the two companies’ cultures, business segments, geographical markets, production facilities and staff functions. Protecting our business and creating value: these are our priorities," says Prysmian Group CEO Valerio Battista in the statement.
The integration of General Cable also means that Prysmians' market distribution will shift. Looking forward, North America will account for around one third of the concern's aggregated renvenue.
English Edit: Daniel Frank Christensen