Middle East

Prysmian builds US submarine cable plant

December 29, 2021

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Prysmian of Italy plans to invest about 200 million euros ($ 226 million) to build a factory in the United States to produce submarine transmission cables, CEO Valerio Battista said in a company spokesman. Tells the media in a statement confirmed by.

Built in Brayton Point, Massachusetts, the plant is part of two contracts worth about $ 900 million that the world’s largest cable maker has won in two offshore wind projects in the United States.

Batista said the company will officially proceed with the plan after completing “permit and feasibility due diligence” for the plant in mid-January.

A spokesman for the company said the € 200 million investment was part of Prysmian’s planned capital expenditures under the current business plan.

According to Battista, the group handles high-voltage power cables in large-scale infrastructure and earns five years of core revenue (EBITDA) for high-margin “project” business units, including Prysmian’s last announced US contract. A week aiming to double in 400 million euros.

($ 1 = 0.8864 euros)

(Report by Giulio Piovaccari, edited by Bernadette Baum)

https://www.oedigital.com/news/493176-prysmian-to-build-us-subsea-cable-plant Prysmian builds US submarine cable plant

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