nkt cables divests Automotive cable business to Wilms Group

nkt cables has entered into an agreement to divest its Automotive cable activities to a subsidiary of the German-based Wilms Group. The activities include automotive cables, flexible and special cables as well as a plant located in Vrchlabí, Czech Republic, with around 400 employees. The closing of the transaction is subject to regulatory approval and is expected to take place in Q1 2017.

nkt cables has been active in the automotive cable industry since 2007, when the activities were acquired. Although being a profitable business, the automotive industry is a niche market for nkt cables and it is not defined as a core business in the EXCELLENCE 2020 strategy. Therefore, a search has been conducted and successfully completed for a new best owner of the activities to grow and develop them further.

Wilms Group is headquartered in Menden, Germany, and is a leading cable, wire and machinery anufacturer. The company employs some 6,500 people worldwide.

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