Following Prysmian’s recent acquisition of Encore Wire, the companies announced that they have  chosen a new combination of sales representatives for industrial/construction sectors.

A press release said that the 28 agencies include: AJB Sales; Apex Electrical Sales, Inc.; Arthur A. Boyle, Inc.; Callas Kingsley Electrical Sales; Cascade Western;  Convergence Partners, Inc.; ESP (Electrical Specified Products); Enhanced Electrical Sales; Gallagher Sales Associates, Inc.; Gen-Mark; Gorin-Cockrell-Decker; Gumersell Cashdan, Inc.: Healy-Mattos: Interwest Electric Sales; Joe Bertsch Electrical Sales Company.; L.P. Chick Company, Inc.; McCreary Sales.; McDonough & Associates.; Meridian Electrical Sales.; Power Corp.; Power Corp.; Schaeffer Marketing Group, Inc.; Synergy Electrical Sales, Inc.; Vincent-Angel, Inc.; and Wire Core Sales.

“Prysmian and Encore believe these agencies bring strength and expertise, ensuring both companies continue to deliver top-quality products and services to customers,” the release said. For information about specific coverage areas, contact Prysmian’s Industrial and Construction Team at tel. 800-243-8020.

A U.S. jury has awarded Prysmian $96,500,000 in damages from Sterlite Technologies, Inc., a business of India’s Sterlite Technologies Lt. (STL), for violations of trade secrets related to a former Prysmian executive who joined the company.

A press release said that on Aug. 6, at the end of a three-week trial, a U.S. District Court jury in Columbia, South Carolina, found in favor of Prysmian. Sterlite and Szymanski had denied wrong-doing.

In its June 2021 lawsuit, Prysmian had accused a former key executive, Stephen Szymanski, of providing Prysmian’s trade secrets to STL. The jury also awarded Prysmian $200,000 from Szymanski, who ran the company’s optical fiber cable business in North America before going to Sterlite, a direct competitor, in August 2020.

“At trial, Prysmian ultimately proved that Sterlite had taken thousands and thousands of pages of Prysmian’s confidential information and trade secrets,” the release said, noting that those included information about Prysmian’s customers, newest products and plans to expand its manufacturing plants. “Much of the information was found in the possession of not just Szymanski and Sterlite, but also in the possession of executives at Sterlite’s global headquarters in Pune, India.”

“This case came down to the basic principle of right versus wrong, and we are pleased that the jury came to this decision,” said Prysmian North America CEO Andrea Pirondini. “We will not stand still when it comes to defending our confidential information and trade secrets, competing fairly in the marketplace, and doing right by our customers.”

“Prysmian has a longstanding reputation for our quality products and our commitment to delivering innovative solutions in the telecommunications space,” said Patrick Jacobi, Prysmian North America Telecom senior vice president. “Securing a win in this case is a step in the right direction.”

On Sept. 16, 2023, STL, which is active in more than 150 countries, inaugurated its first U.S. cable manufacturing plant in Lugoff, South Carolina. Its focus is high fiber count cables with small diameters.  

In an STL statement, Managing Director Ankit Agarwal said that the company remains committed to serving customers in America. “We do not intend for this verdict to interrupt our plans to grow our U.S. presence. As a company, we uphold the highest standards of ethics and integrity.

We believe the verdict is not supported by the testimony and evidence presented at the trial and intend to appeal and vigorously pursue all available post-trial remedies.”

The Prysmian Group announced that it has received a confirmation from Marinus Link Pty Ltd., a subsidiary of the Australian transmission systems operator (TSO) TasNetworks, for a project that will establish a new power interconnector between Tasmania and Victoria, Australia.

A press release said that Prysmian had reserved capacity for last year for the project, valued at approximately €300 million. Work will commence with the issuance of a notice to proceed, which is expected by August 2025.

The route will require cable to span 345 km, including 255 km undersea across Bass Strait, and 90 km underground in Gippsland, Victoria. The release said that Prysmian will supply 20 kV single-core cables with XLPE insulation and single-wire armoring, covering both submarine and land sections.

The submarine cables will be produced at Prysmian’s plant in Arco Felice, Italy, and the land cables at either the Prysmian plant in Delft, The Netherlands, or in Gron, France. Installation operations will be delivered by Prysmian’s Leonardo da Vinci. The company will also provide a fully integrated PRY-CAM permanent monitoring system. The completion date is set for 2030.

Prysmian has received a Letter of Award for an energy transmission project that calls for it to supply the cable to connect the island Mallorca with the Spanish mainland, a project valued at more than €500 million.

A press release said that Prysmian and Red Eléctrica, the transmission system operator of the Spanish electricity system, will hold an exclusive negotiation of the contract, with the signing expected by the end of 2024. Prysmian will be responsible for the design, installation, testing and commissioning of two HVDC 250 kV MI single-core cables, as well as fiber optic cable for telecom and monitoring purposes that will connect the island of Mallorca with the Spanish mainland power grid, covering both the submarine and land section. The project will reinforce the quality and security of the Balearic Islands’ electricity supply.

“Prysmian has strengthened its leading role in development interconnections thanks to the second Baleares Peninsula project, as we continue to enable increasingly efficient and sustainable power transmission grids in the Mediterranean area,” said Hakan Ozmen, EVP Transmission at Prysmian. The project will use the same consolidated MI cable technology previously deployed in the Peninsula Baleares 1 installation, he said.

In recent years, Prysmian’s long relationship with Red Electrica has seen the company being awarded projects such as the Ibiza-Formentera, Lanzarote-Fuerteventura, Tenerife –La Gomera and Ceuta-Peninsula connections.

Prysmian has signed a  €450 million finance contract with the European Investment Bank (EIB) to facilitate electricity transmission and distribution in Europe.

A press release said that the funds will go towards manufacturing extra-high-voltage submarine power cables and high-voltage onshore cables, and other upgrades to existing cables to promote European energy transition. They will be used for operations in Finland, Italy and France that serve the growing demand for renewable energy in general and offshore wind in particular.

The EIB, a long-term lending institution of the European Union owned by its Member States, provides long-term financing for sound investments that contribute to EU policy. Prysmian will use the EIB funds to build new production lines for extra-high-voltage submarine cables, lines for high-voltage onshore cables and other technical improvements to existing lines.The EIB-financed investment will enable Prysmian to double its production capacity for extruded cables at its three factories in Pikkala (Finland), Pozzuoli (Italy) and Gron (France) from around 2 000 km a year to over 4 000 km a year. It would also create new jobs.

“This (initiative) will help to meet EU targets for clean energy transmission via submarine cable solutions and long-distance interconnections, improving the integration and efficiency of renewable energy.” The time frame and procedures are still being defined.

The release said that the project was in line with the EIB’s climate action and environmental sustainability goals and the REPowerEU framework, which the EU bank has committed to support with €45 billion of additional investment by 2027. Almost half of the operations covered by the agreement will take place in cohesion regions such as Campania in Italy and Burgundy in France, thereby helping to address regional economic disparities and promoting more balanced and inclusive economic development.

This contract follows previous agreements between Prysmian and the EIB, which has backed Prysmian’s R&D work across Europe, including its production centres of excellence. In the past five years, the EIB Group has provided more than €58 billion in financing for projects in Italy.

“We are proud that the EIB is supporting our commitment to help build additional capacity to meet the growing demand for clean energy across the continent,” said Prysmian CEO Massimo Battaini. “This new step forward shows how the European Union is aware of the essential role our company has in achieving this transition.”

Prysmian announces that it has completed the acquisition of Encore Wire Corporation that had been announced on April 14.

A press release said that the acquisition will strengthen Prysmian’s leadership position in North America. Prysmian will benefit from enhanced cross-selling opportunities, as well as the efficiency and innovation within Encore Wire’s unique production, distribution process and service levels. The transaction also strengthens the weight of the North American business in Prysmian’s geographical footprint.

The combined business will be well-positioned to accelerate the electrification and digital transformation in North America, which includes the growth of data centres and upgrades to the power grid. 

“This acquisition will significantly strengthen Prysmian’s leadership position in North America while creating value for all stakeholders,” said Prysmian CEO Massimo Battaini. “Thanks to the complementary fit of Encore Wire with Prysmian’s existing North American business, we will be better placed than ever to address customers’ needs across the dynamic, highly efficient and growing North American market, while ensuring we are best placed to capture the structural growth opportunities which are being driven by digitalisation and energy infrastructure. There is also a strong cultural fit between Encore Wire and Prysmian because of our shared spirit of innovation and commitment to accelerate the transition towards a low carbon economy. ”

“With the successful completion of the transaction with Prysmian, we are ready to begin an exciting new chapter in our company’s history” said Encore Wire CEO Daniel L. Jones. “I am grateful for the hard work and commitment of our employees and proud of the remarkable value Encore Wire has created with our expansive single-campus model, low-cost production, centralized distribution and product innovation. Encore Wire and Prysmian are two highly complementary organizations, and we look forward to leveraging our enhanced product offerings and strong customer relationships to drive even greater opportunities as part of a larger, global organization.”

Prysmian is expanding its facilities at its production site for submarine cables in Kirkkonummi, Finland.

A press release said that YIT, a Finnish construction and development company, will expand four hall buildings and build a new material warehouse in the area, covering an area of 26,000 sq m. The project, estimated to cost approximately €35 million, is scheduled for completion in June 2026.

YIT was previously used for the implementation phase partner for the cable tower project last summer. The tower, which reached its ridge height of 185 meters at the end of last year, is set to be completed in the summer of 2025. “We are pleased to continue our cooperation with YIT in the expansion of Prysmian’s submarine cable center of excellence and factory production capacity in Pikkala,” said Ferdinando Quartuccio, country CEO of Prysmian Group Finland. “The contract now signed is a natural continuation of the ongoing cable tower construction project, which has progressed according to plan and on schedule.”

News of Prysmian’s April 15 agreement to acquire Encore Wire for approximately $3.9 billion—the largest-ever such wire and cable industry deal—quickly circulated on the opening day of wire Düsseldorf in Germany, where some attendees were utterly stunned by the unexpected report.

A press release said that the addition of Encore Wire’s huge vertically integrated, single-site campus in McKinney, Texas, that produces a broad range of copper and aluminum electrical wire and cables, is highly complementary to Prysmian’s strategy. It “will allow Prysmian to increase its exposure to secular growth drivers, enhance its exposure to North America, leverage Encore Wire’s operational efficiency and best in class service across Prysmian’s portfolio, broaden Prysmian’s product offering enabling the combined company to better address customers’ needs in North America and generate ~€140m in run-rate EBITDA synergies expected within four years from closing.”

Massimo Battaini, Prysmian designated Group CEO, described the deal as a landmark moment. “Through this acquisition, Prysmian will grow its North American presence, enhancing its portfolio and geographic mix, while significantly increasing the exposure to secular growth drivers. We look forward to welcoming the Encore Wire team to Prysmian and benefitting from the combined company’s enhanced product offerings and customer relationships.”

“We are pleased to have reached an agreement that reflects the remarkable value Encore Wire has created with our expansive single-campus model, low-cost production, centralized distribution and product innovation,” said Daniel L. Jones, Encore Wire’s chairman, president and CEO. “Encore Wire and Prysmian are two highly complementary organizations, and we anticipate a bright future for Encore Wire as part of Prysmian. ... As part of a larger, global operation, we expect this transaction will bring additional future opportunities for our employees, whose dedication and hard work made this transaction possible. We look forward to working with Prysmian to complete this value-enhancing combination and realize the significant benefits that we expect it will bring to all of our stakeholders.”

The transaction, which was unanimously approved by each company’s Board of Directors and recommended to its shareholders by Encore Wire’s Board of Directors, is expected to close in the second half of 2024. The sale is subject to the approval of Encore Wire’s shareholders, regulatory approvals and other customary conditions.

At wire Düsseldorf, some attendees questioned the fit between the two entities, each of which is very successful, yet having different business approaches. Of note, Prysmian—founded in 2005 through the acquisition of the energy and telecom cables and system activities of Pirelli—does have a track record of making periodic major acquisitions. That includes the 2011 purchase of Draka Holding for €840 million and the 2017 purchase of General Cable for approximately $3 billion.