First phase of Prysmian/Draka integration completed
Prysmian, a provider of energy and telecom cables, is unveiling a new mission, strategy, and organizational structure, following its acquisition and integration of Draka and its delisting from the Amsterdam Stock Exchange.
Prysmian, a provider of energy and telecom cables, is unveiling a new mission, strategy, and organizational structure, following its acquisition and integration of Draka.
The Group intends to promote both the Prysmian and the Draka commercial brands under the new Prysmian Group corporate umbrella.
“We have put together the best of the two companies, with the goal of designing an organization that is lean, efficient, and fast in managing change and promoting innovation while being able to stay close to customers and markets,” says CEO Valerio Battista.“Now we have the right people in place and the ideal conditions for achieving the annual earnings target of between €530 and €580 million in ADJ Ebitda. This will also allow us to start reducing the level of debt, which has risen due to the acquisition.”
The new Group's matrix structure organization revolves around two business units: energy cables and systems and telecom cables and systems. Most of the product lines will be managed by both geography and business, from building wires and underground power transmission and distribution, to fiber-optic and copper telecom cables and special cables for industrial applications in the renewable energy and oil & gas industries. The globalized product lines (submarine cables, optical fiber and telecom components, cables for the automotive, transport, and aerospace industries, flexible pipes and umbilicals for the oil & gas industry, and special cables for elevators) will be managed cross-nationally by business.
The launch of the new structure ratifies the birth of the new Prysmian Group, with €7 billion in turnover (pro-forma 2010) and a presence in 50 countries with 98 plants and 22,000 employees, says a spokesperson.
The company’s mission is to support the sustainable supply of energy and information as drivers in the development of communities, providing customers with superior cable systems based on state-of-the-art technology.
The Group will retain and promote both the Prysmian and Draka commercial brands, as well as create the new Prysmian Group corporate brand.