“We are pleased with the continued execution and positive momentum we have achieved in our divestiture program that we originally announced last October,” said John E. Welsh, III, chairman of the board in a press release. “This agreement to sell our Asia Pacific operations represents another significant step to simplifying our geographic portfolio and reducing organizational complexity. We remain focused on the divestiture process for our businesses in Africa which are advancing according to plan. We are also optimizing our business, reducing costs and driving efficiencies in our core markets in North America, Latin America and Europe as we continue to execute our restructuring program.”
Brian Robinson, executive V.P. and CO added, “We previously completed the sale of our interests in Phelps Dodge International Philippines, Inc., Keystone Electric Wire and Cable (China), and Dominion Wire and Cables (Fiji) which together represented approximately $88 million of cash proceeds. Upon completion of the sale of our operations in Thailand, China, New Zealand and Australia for an estimated $205 million of cash consideration, the Company will have generated approximately $293 million of cash proceeds from its divestiture program which is consistent with our previously communicated expectations.”
