The Cable Directory

From todays perspective, Leoni AG no longer expects to attain the targets set for the 2008 financial year in full. The Management Board now projects sales of at least EUR 2.9 billion (previous forecast: at least EUR 3.0 billion) and earnings before interest and taxes (EBIT) of between EUR 110 and 120 million (previously approx. EUR 140 million). Main reason for this revised forecast is that the Wiring Systems division is expecting a distinctly weaker 4th quarter. It is to be feared that the automotive industry will make further cuts in addition to the scaling back or suspension of production already announced in the last two weeks. Noticeable decline in sales has been recorded now in the Wire & Cable Solutions division as well, in particular in its segments automotive cables and cord sets for electrical appliances. There is still a steady trend of business though in most areas of this division. This is due to ongoing strong demand for special cables, for instance in the capital goods industry, in the petrochemical business and the medical equipment sector. Besides lacking gross margins resulting from reduced sales, it has to be expected that some writedowns on inventory in the Wire & Cable Solutions division as at the 31 December 2008 reporting date will be required because of the sharp drop in the price of copper in past weeks to the most recent level of about EUR 4 per kilogramme. This, too, adds to the adjusted EBIT guidance. Leoni AG adjusts, in response to current developments, its flexible processes for producing wiring systems, which are all made outside Germany, to the changed conditions. The requirement for adjustments, however, will be toned due to the fact that early in 2009 setting up capacities for series production start-ups of new car projects will become necessary. Comprehensive interim reporting with more detailed statements will follow with presentation of the 3rd quarter figures on 5 November 2008.
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It is reported that Allied Wire & Cable has relocated their Wisconsin office and warehouse from Elkhorn to a larger 20,000 square foot facility in Pewaukee, allowing for the addition of new machines and employees while leaving room for future expansion.
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Draka Holding NV The Board of Management of Draka Holding N.V. announces that it has signed a new joint venture agreement which will extend the Yangtze Optical Fibre and Cable Co. Ltd (YOFC) joint venture by another twenty years until May 2028. In a reaction Sandy Lyons, Chairman and CEO of Draka, said: ’We are very pleased with this new agreement which underscores Draka’s long term relationship with YOFC as a technology partner. Via YOFC, the market leader in optical fiber and optical fiber cable in China, Draka will continue to benefit from the sound growth prospects in the largest optical fiber market in the world.’
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Anixter International, a distributor of communication products, has completed the purchase of the assets and operations of World Class Wire & Cable, a distributor of electrical wire and cable.
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