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Neo Industrial Plc Sells Cable Manufacturing Companies in Russia


Wednesday, 3 Apr 2013 05:00am EDT 

Neo Industrial Plc announced that it has on April 3, 2013 signed a sale and purchase agreement on selling OAO Expokabel and ZAO Reka Kabel, the Group's cable manufacturing companies in Russia. OAO Expokabel manufactures special cables for marine engineering, oil and gas industry, as well as for nuclear power plants. ZAO Reka Kabel is specialized in manufacturing medium voltage cables. The main market area of the companies is Russia, constituting 10% of Cable segment’s net sales in 2012. Reka Cables Ltd, Cable segment's company based in Finland, will continue selling and marketing Finnish-made cables in Russia and CIS countries through its subsidiary in Russia. The agreement has no effect on the operation of Reka Cables Ltd. The transaction is expected to be finalized during May 2013. 

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19 Dec 2014