Italian cable company hopes manufacturing base in America will insulate it from Donald Trump’s tariffs
Prysmian is targeting a dual listing in New York and more US acquisitions, as the Italian provider of critical undersea infrastructure seeks to build on its rapid expansion after buying Texas-based Encore Wire last year. The company, which was spun out of tyre group Pirelli in 2005, surprised investors in April by agreeing to pay $4bn for Encore Wire. Prysmian wants to expand in the US, and expects the incoming Trump administration to favour companies with local production.
The acquisition was well-received by investors because the cables produced by Encore Wire for the construction sector are less capital intensive, and have higher margins than the high-tech telecommunications and energy cables that dominate Prysmian’s production. The company recorded a 3 per cent drop in revenue to €7.8bn in the half year to June and reduced its net debt by more than a third to €1.3bn.
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