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Nexans completes Reka Cable acquisition

Nexans announced that it has completed its acquisition of Reka Cables, a Finnish manufacturer of high-, medium- and low-voltage cables from Reka Industrial.
A press release said that the acquisition marks an additional milestone of Nexans’ ambition to become a pure electrification player committed to contribute to carbon neutrality by 2030, focusing on the overall value chain.

Reka Cables, headquartered in Hyvinkää, Finland, has been providing high-quality cables to customers in the energy, infrastructure, and building sectors for over 60 years. The company operates three manufacturing plants in Finland which will be complementing Nexans’ existing operations in Sweden and Norway. In 2022, Reka Cables reported current sales of €172 million and an EBITDA of €11 million.

Lars Josefsson, general manager BU Nordics, Nexans, lauded the acquisition. “Together we can do even more to solve the greatest challenge of our time, the climate transition, and accelerate electrification both here in the Nordic region and the rest of the world.”

Josefsson said that one of the sustainability goals of Nexans is that 95% of everything sold in the Nordic region be produced in the Nordic region by 2025. “By the integration of Reka, we reach 90% local production, and are well on our way to reaching the goal ahead of time.”

Read 359 times Last modified on June 4, 2023