Nexans announced the sale of two companies that were planned prior to Covid-19, as well as steps that have been taken in response to the effects of the virus that has uprooted much of the world.
In its mid-year financial report, Nexans announced that it has agreed to sell Berk-Tek, a U.S.-based manufacturer of local area network cables, for $202 million, to Leviton Network Solutions. Berk-Tek is a leading manufacturer of local area network copper and fiber cables. Berk-Tekโs 350 employees, as well as its facilities located in Pennsylvania and North Carolina, are expected to move under Leviton ownership before the end of Q3-2020 subject to customary closing conditions.
โThis transaction is a natural step in reinforcing the Berk-Tek and Leviton marketing alliance signed in 2013. The combination of both innovative, reliable and service-oriented brands will enable Leviton Network Solutions to offer fully integrated solutions,โ the release said. The transaction has an enterprise value of US$202 million. Berk-Tek reported sales for US$163 million in 2019.
ย โBerk-Tek is a highly respected North American cabling company with exceptional manufacturing and product development capabilities,โ said Leviton President Daryoush Larizadeh. โBy adding Berk-Tek to the Leviton family, we will be able to provide truly end-to-end solutions to our customers.โ โOur Berk-Tek colleagues will join a long-term partner with the best strategic fit to answer customersโ demand around connectivity,โ said Nexans CEO Christopher Guรฉrin.
The second sale was for Nexans Metallurgie Deutschland GmbH (NMD), which specializes in oxygen-free copper drawing, to Mutares SE & Co. KGaA. The plant has annual capacity of 60,000 metric tons. NMD has 250 employees at two German sites in Bramsche and Neunburg. It serves first and second tier customers for automotive, white goods and industrial applications.
Mutares acquires and develops medium-sized industrial companies and operations of large corporations.
