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wiredInUSA - June 2013
14
Harness facility
closes
Return of the
dividend
General CableCorp has announced
a regular quarterly dividend to its
shareholders for the first time since
2002. The initial dividend will be 18
cents per share, payable on 28
th
June.
The company’s board of directors
has also extended its $125 million
one year share repurchase program,
originally adopted in October 2012,
to the end of 2013. The program has
yet to be used, due to restrictions
imposed while the company
restated its 2012 financials as a result
of a mis-statement.
“Over the past several years we have
continuedtotransformthecompany,
expanding into faster growing
emerging markets, and enhancing
our product portfolio in developed
markets through both acquisitions
and organic investments,” General
Cable CEO and president Gregory
Kenny said in a statement.
“Our
financial
position
and
confidence in our operating model
have strengthened considerably
over this time, and we believe the
company is now in the position to
begin returningcash to shareholders.”
Commercial Vehicle Group Inc
(CVG) has revealed plans to close
its wire harness assembly facility in
DeKalb, Illinois, taking effect during
the third quarter of 2013. Work
currently undertaken at DeKalb will
be transferred to CVG facilities in
Edgewood and Monona, Iowa.
KevinRLFrailey,presidentandgeneral
manager of electrical systems for
CVG, said: "To remain competitive,
we continually evaluate CVG's
manufacturing footprint based on
changing customer demand and
industry trends. As a result, we are
realigning our North America wire
harness capacity and consolidating
our North American footprint from
five to four wire harness facilities."
He added: "We regret having
to close our DeKalb facility and
understand the impact this action
will have on our employees and
their families. However, following a
long term, extensive analysis of our
business and changing customer
needs, it is a step we have to take
to keep CVG an efficient and cost
effective competitor in an evolving
global economy."