The potential for a $275 million deal to sell AmerCable to Nexans was announced this morning by the latter company.
Details remain slim as the deal hasn’t yet been completed, said Tom Rice, marketing manager for AmerCable, an El Dorado-based manufacturer.
Currently, AmerCable’s core senior management group owns the company with the help of several equity partners, Rice said. Previous to the core senior management group Associated Materials Incorporated owned AmerCable until a 1993 buyout.
He couldn’t disclose what percentage of the company could be sold, how long the deal has been in the works or why the group decided to look for a buyer.
Representatives of Nexans have yet to return a call.
Look for more in tomorrow’s News-Times.
UPDATE: A returned call from Rice confirmed the deal has been signed and will be effective at the end of the month.
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One of the only companies in this entire area hiring with a decent wage. Many Cooper employees were hired when it went out of business. Hope this doesnt turn out like some of the companies that have been bought in our area the last couple of years…