Prysmian Opens in China

BEIJING -- Prysmian Cables & Systems, a worldwide leading player in the energy and telecom cables sectors, has presented today in a meeting with local and international press in Beijing, the development plan outlining its activities in China. The company aims at achieving growth of about 50% of its business by 2010 with new investments also planned to increase the production capacity. The investments made in China over the last few years and those outlined in the plan totally amount to approximately 100 million Euro. Among the actions for Prysmian’s growth strategy in China, is the implementation of a new organizational and company structure, with the creation of a holding company that will link the Group’s five main Companies operating in the Country, with 5 production facilities and over 1,000 employees. Prysmian’s development strategy in China can also leverage on a new production plant for industrial cables in Tianjin, which will be inaugurated tomorrow in the presence of the Italian ambassador in China, Mr. Riccardo Sessa. To further strengthen the relationships with Chinese Institutions, the business community and the strategic customers, Prysmian has located its Chinese headquarters in newly opened offices in Beijing, where the new holding company, Prysmian China Investment Co Ltd, is established.

“We have been present in China for more than 10 years, since the opening of the first production plant in 1997”, declared Mr. Valerio Battista, Prysmian’s Group worldwide CEO. “We have always believed in the huge potential of this country, which we consider one of the main areas for our Group’s strategic growth. This confidence has been well rewarded as China was among the countries where we achieved the best performance of turnover in 2007, with an increase of 16 percent from 2006. Now, with the new organizational structure and new production facilities, we are ready to seize more significant increase opportunities, ensuring the development of new infrastructures for energy and telecommunications.”

Prysmian SpA