*
Company to decide on dual listing in "next couple of
months"
*
Also looking at the industrial business of Nexans
*
Quarterly core profit boosted by Encore Wire consolidation
*
Capital markets day to be held in New York on March 26
(Recasts with potential US listing, adds CEO quote in paragraph
3, details on Nexans in paras 4-5, context in paras 6-10)
By Alessandro Parodi and Philippe LeroyBeaulieu
Oct 31 (Reuters) - Prysmian is considering a
dual listing in the United States and will make a decision in
the next two months, its chief executive said on Thursday, as
the consolidation of Encore Wire boosted the Italian cable
maker's quarterly profit.
The Milan-listed company completed the acquisition of the
U.S.-based electrical components and equipment maker in July, in
a $4.2-billion deal aimed at bolstering its position in North
America, its second largest market where a Wall Street listing
could help it attract further investment.
"After the acquisition of Encore Wire we thought that we
have now all the conditions to think and to analyse this option,
we have a significant exposure in revenue and we have an even
larger exposure in terms of EBITDA", CEO Massimo Battaini told
journalists.
The world's largest cable maker is also considering buying
the industrial business unit of French fiber-optic peer Nexans
, Battaini added.
"There are no discussions between Nexans and Prysmian at
this time on selling our industrial business unit," a Nexans
spokesperson told Reuters.
Prysmian will hold its capital markets day on March 26 in
New York, when it will give further details of the potential
listing, and also announce new financial targets.
It said it expects 2024 full-year adjusted core profit
(EBITDA) of between 1.90 billion and 1.95 billion euros
($2.06-2.12 billion), with free cash flow in the range of 840
million to 920 million euros.
That confirms upgraded guidance published by the company in
August, which envisioned a positive impact from the Encore
acquisition of about 200 million euros on full-year EBITDA.
Third-quarter adjusted EBITDA rose 32% year-on-year to 540
million euros, roughly in line with a company-provided poll of
analysts.
Growing sales in its transmission, power grid and industrial
consumption segments offset weaknesses in its specialties
segment, which the company said had dropped by 7% from a year
earlier due to a slowdown in the auto market.
($1 = 0.9212 euros)
(Additional reporting by Gianluca Lo Nostro; Editing by Shri
Navaratnam and Clarence Fernandez, Kirsten Donovan)