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Stock Market & Financial Investment News

News Breaks
February 14, 2013
16:30 EDTBGCGeneral Cable sees no impact on FY12 results from Venezuelan currency
The Venezuelan government announced the official exchange rate of its currency (Bolivars) would be adjusted from 4.3 Bolivars to each US Dollar to 6.3, effective February 13, 2013. These actions by the Venezuelan government are expected to result in a one-time charge in the first quarter of 2013 primarily related to the Company’s remeasurement of its local balance sheet on the date of the devaluation. The non-recurring pre-tax charge in the first quarter of 2013 is expected to be in the range of $42 million which will be recorded as other expense. The Company does not expect any impact to its 2012 results of operations or cash flows.
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June 25, 2015
16:22 EDTBGCGeneral Cable to sell Asia Pacific operations to MM Logistics
General Cable announced it has reached a definitive agreement to sell its Asia Pacific operations to MM Logistics for cash consideration of approximately $205M which includes preliminary estimated net cash of $30M available at the closing of the purchased businesses. The Asia Pacific operations consist of businesses in Thailand, China, New Zealand and Australia. The company expects to close the sale in Q3. Proceeds are expected to be used to reduce outstanding borrowings and pay related fees and expenses. "We remain focused on the divestiture process for our businesses in Africa which are advancing according to plan," said General Cable.

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