Fisk Alloy, which in February announced that it has agreed to be acquired by Thermo Technologies of France, announced that the deal will not go through.
A press release said that the acquisition, which included the customary stipulation that it was pending due diligence and other conditions, was undone by Covid-19. “With the impact of Covid-19 on countries, markets, businesses and people worldwide, Fisk and Thermo Technologies have mutually and amicably come to the conclusion that now is not a good time to combine the companies. Hence, Fisk Alloy will not be acquired by Thermo Technologies,” Fisk Alloy CEO Erik Fisk said in a statement. “Our company will continue independently operating as we have for the past 46 years here in Hawthorne, New Jersey, with the same excellent solutions and service you’ve come to expect.”
Addressing customers, Fisk wrote, “For the years prior and for the moment at hand, thank you for your business and your understanding through what has been a most difficult time for everyone and everything.”
Founded in 1973 by John Fisk as a producer of high-quality copper alloy wire, the company today offers unique proprietary capabilities in high-performance alloy wire.
South Korea’s LS Cable & System (LS C&S) reports that it has won a contract from TenneT to supply 210 km of HV cable for the grid connection of the Dutch offshore wind farms Hollandse Kust Noord and West Alpha.
A press release said that the overall project—which includes Jan De Nul Group, a marine construction company—was worth more than €100 million. The order represents “the first large contracts from Europe, the home of cables.” It added that it also puts LS C&S in a good position for future demand from “newly established EU HQ and expanding production subsidiaries.”"
The release said that the bidding process considered technical capabilities, quality of business operations in combination with pricing. “The evaluation of the bid shows that the winning consortium has the most economically advantageous proposal to carry out the challenging project.”
The Netherlands is constructing offshore wind farms with a total capacity of more than 11 gigawatts by 2030. The two offshore wind farms, it said, will have a total capacity of 1.4GW in the Dutch coastal waters by 2023.
Since 2012, LS C&S has supplied power cable to the U.K., Denmark, the Netherlands and Belgium. The company expects that the European submarine cable market will be worth billions of euros over the next five years. “LS C&S is planning to build on this major project and to do everything in its power to win more contracts for submarine cable projects in Western Europe including The Netherlands.”