EL DORADO, Ark. (AP) - An El Dorado-based company that makes steel cable for use in energy, mining and other industries is being sold to a French company for $275 million.
Paris-based cable maker Nexans will enter the North American market with the acquisition announced Monday.
AmerCable employs about 300 people. A news release from Nexans didn't address whether any layoffs would follow completion of the deal.
AmerCable produces cables designed for use in harsh environments, such as onshore and offshore oil and gas drilling.
Nexans will pick up a company that had revenue last year of $270 million and with an annual growth rate of 30%. About three-quarters of AmerCable's business is in north America with the remaining interests in Australia, China and Latin America.
Nexans, with 24,500 workers, operates in 40 countries.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
