Prysmian Sells Stake in China JV

Italian cable specialist Prysmian has inked a deal to sell 67 per cent of the equity in Prysmian Baosheng Cable Company.

The Prysmian Baosheng Cable Company was established in 1999 as a joint venture with Jiangsu Baosheng Group.

According to Prysmian, its JV partner, Baosheng Group will acquired the stake for a total consideration of 300 Million RMB (approximately 42 Million EUR).

“With this agreement, Prysmian Group reshapes its presence in China aiming to pursue an independent future in utilities and high voltage systems with greater operational flexibility, efficiency and technical developments,” the company said in a press release.

Subsea World News Staff

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