HIGHLAND HEIGHTS, Ky.--(BUSINESS WIRE)--General Cable Corporation (NYSE: BGC), one of the most globally diversified industrial companies, issued an update on the previously disclosed investigation by the European Commission. General Cable reported today that the European Commission has issued a Statement of Objections in relation to its ongoing competition investigation to a number of wire and cable companies in the submarine and underground power cables businesses, including General Cable.
A Statement of Objections is a procedural document in which the European Commission communicates its preliminary view in regard to possible infringement of European competition law and allows the companies identified in the Statement to present procedural and substantive arguments in response before a final decision by the Commission. The Statement of Objections issued to General Cable alleges that two affiliates in Europe engaged in violations of competition law for a limited period of time in the underground power cables business. As previously disclosed, General Cable only recently entered the submarine power cables business in March 2009 through its subsidiary in Germany, Norddeutsche Seekabelwerke GmbH & Co, which was acquired in 2007. The Company is reviewing the Statement of Objections and intends to defend itself against the allegations.
The Company also stated that it has not been named as a party in any other cases or proceedings which have been brought by competition authorities in various countries against companies in the submarine and underground power cables businesses.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this press release, including without limitation, statements regarding future financial results and performance, plans and objectives, capital expenditures and the Company’s or management’s beliefs, expectations or opinions, are forward-looking statements. Actual results may differ materially from those statements as a result of factors, risks and uncertainties over which the Company has no control. Such factors, risks, and uncertainties are more fully discussed in the Company's Report on Form 10-K, filed with the Securities and Exchange Commission on February 25, 2011, as well as periodic reports filed with the Commission.