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Italian cable maker Prysmian said it has won a strategic first contract in China in the sector of extra high voltage (EHV) power transmission links - to supply a 500kV underground cable system to Anhui Xiangshuijian Pumped Storage Co. Ltd (a China State Grid affiliate company) - and at the same time announced it plans a new €20m (US$29.8m) investment to increase production capacity at its HV and EHV cables manufacturing unit in Baoying.

Italy's Prysmian, leading energy and telecom cables and systems manufacturer, reported the first signs of market stabilisation in its third quarter 2009 results, with organic sales decline improved to -16% in Q3 (from -18.3% in H1) and adjusted ebitda margins stable at 10.7% (10.5% in H1). 9-month sales revenues were €2.78bn (compared to €3.95bn a year ago); EMEA region's organic sales (70.2% of total) were down 16% while N.America (9.7% of total) was down 43%. The strategic high voltage power transmission cables sector saw Q2's orders intake recovery confirmed in Q3, with order backlogs through 2010. The company is co-operating with anti-trust investigations into this sector in Australia, New Zealand, Europe, US and Japan.

Prysmian opens its new extra high voltage (EHV) power cable plant in Abbeville (South Carolina) on 22 October, the first one of its kind in North America which until now has had to import this technology. The Italian-based group has invested €32m (US$48m) in the new facility to get competitive advantage in a market due to benefit from major government investment to modernize power transmission networks and exploit renewable energy.

Cable makers Prysmian SpA (of Italy) and Draka Holding N.V (Netherlands) both issued press releases on 10 September announcing the termination of discussions on a possible combination between the two companies (through a share for share cross-border statutory merger with Prysmian as surviving entity), after failure to reach an agreement on terms and conditions. Both companies had confirmed on 29 June this year that they were in preliminary talks to evaluate a merger, which would have created the largest cable company in the world.

Cable makers Prysmian SpA (of Italy) and Draka Holding N.V (Netherlands) both confirmed on 29 June that they are in preliminary talks to evaluate a 'share-for-share cross border statutory merger', which would leave Prysmian as the surviving entity. This would create a group worth over €2bn (with Draka currently valued around €325m). The companies both said there was no assurance that a transaction would take place.

Prysmian SpA, the Italian cable maker, has announced consolidated sales results for Q1 2009. Sales amounted to EURO 926 million, a decrease of 11.5% compared with the same period in 2008. Net profit was EURO 91 million, down by 11.1% y-o-y. The company attributed this decline to the economic downturn, already evident in Q4 2008. In response to this, Prysmian is focusing on higher value-added activities and high-tech market segments. The company said that it managed to achieve satisfactory profits supported by the growth of sales in the sectors of high voltage underground and submarine cables along with industrial cables such as those for oil& gas, renewable energy and infrastructure.

Prysmian Cables & Systems said it expects its Chinese sales volumes to increase by 50% by 2010, an increase which has been aided by the opening of the company's fifth production plant in China. The company's sales increased by 16% year-on-year in 2007 and said that further growth opportunities were linked to the development of new infrastructure for energy and communications. Prysmian's new plant will be based in Tianjin and is expected to have an annual capacity of 10,000tpy including special cables for e.g. rail networks, mining and windfarms.

Prysmian S.p.A has announced its sales results for 2008. Sales amounted to Euro 5,144 million, exhibiting a 4.2% y-o-y organic growth. Adjusted EBITDA reached Euro 542 million, with a sales margin of 10.5% compared to 10.3% in 2007. Adjusted net income was Euro 332 million, up by 11% y-o-y. The group achieved strong performance in its utilities business, which grew by 12.1% y-o-y. This is attributed to positive performance of high voltage underground and submarine cables. The trade and installers business contracted by 5% due to the slowdown in the construction industry. Industrial cables exhibited organic growth of 5% mainly because of positive performance in the oil and gas, and renewable energy sectors.