ALTDORF, Switzerland (Oct. 30, 2012)—Datwyler Group is selling its cable division and will focus on sealing and pharmaceutical packaging as it focuses on high-growth, high margin businesses.
The company also said it will issue straight bonds of about $107 million to $161 million to fund additional growth.
Datwyler is selling its Cabling Solutions Division to Pema Holding A.G., the majority shareholder in Datwyler Holding Inc., for $101.9 million.
The firm said its Sealing Technologies and Pharma Packaging divisions will be combined to form the new Sealing Solutions Division. The business operates its manufacturing facilities in the three principal economic regions, Asia, NAFTA and Europe.
The new Datwyler Sealing Solutions Division employs 5,000 at 17 facilities.
Datwyler Group recently announced it has completed the previously disclosed acquisition of Anhui Zhongding Sealtech Inc. (Zhongding), with one plant in China, and Hankook Sealtech Inc. (Hankook), with two plants in South Korea and a 40-percent joint venture interest in an Indian plant.