PRZOOM - /newswire/ -
Fès, Morocco (Maghreb), 2016/04/13 - Alstom and Nexans signed an agreement defining the terms of a new governance for Cabliance, the joint venture set up in Fès, Morocco, with a 50/50 holding - Nexans.com / Alstom.com. FR0010220475; ALO
After a five-year partnership, Alstom has acquired Nexans shares to become the exclusive owner of the company, Cabliance.
Within this joint venture created in 2011 and dedicated to the production of cable bundles for rail applications and electrical switchboxes, Alstom designed sub-assemblies and Nexans managed industrialization and production. The current change will take effect after Nexans, in cooperation with Alstom, has transferred the necessary skills for its Moroccan partners to manage the state-of-the-art technology in the sector. Cabliance currently employs 250 people and generated a turnover of €13.7 million in 2015.
Alstom considers Morocco as a market with strong potential and a gateway between Europe and its new developing markets in sub-Saharan Africa and is delighted with this agreement, which will contribute to the economic and industrial development of the country.
"Acquiring a 100% holding in Cabliance confirms Alstom's intention to continue its business in Morocco on a long-term basis and to remain a fully fledged industrial partner, investing in the strategic business segments of the Moroccan economy" declared Gian-Luca Erbacci, Senior Vice-President of Alstom for the Middle East and Africa.
"Nexans is proud to have contributed to the development of high-level local expertise for its Moroccan partners and the success of Cabliance. Nexans will continue along these lines and diversify its activities, as well as invest in new markets in Morocco and in sub-Saharan Africa," commented Karim Bennis, Managing Director of Nexans Morocco.
Cabliance's performance has been remarkable over its years of activity. After delivering the first Citadis tramway in Casablanca in July 2012 and equipping Morocco’s high-speed train line, Cabliance has acquired an international dimension. Cabliance is now at the heart of a full scale ecosystem, featuring over 22 local suppliers and contributing to Morocco’s reputation around the world.
The turnover of the joint venture has doubled every year since its creation, illustrating its economic success. Its long-term growth is based on a strong corporate culture, dynamic teams and its ability to adapt its industrial resources to demand.
Nexans (nexans.com) will continue with business operations on the energy transmission and distribution markets, and open up more extensively to the development of renewable energies and the industrial market, where the Group can already boast many competitive advantages. Furthermore, Nexans’ Moroccan subsidiary launched a large-scale investment programme in 2015 for the development of instrumentation cables, a new sector, and the deployment of a new industrial subsidiary in Côte d’Ivoire, confirming its position in the Sub-Saharan region.
The partnership between the two companies has enabled the joint venture to supply advanced equipment featuring state-of-the-art technology for many rail markets. The development of high-level local expertise was one of the strategic targets set by Cabliance, and which it is proud to have achieved.
Alstom (alstom.com) will continue on its current route by continuing to focus on avenues of development by co-locating its expertise and promoting the development of its local know-how. Cabliance therefore still aims to continue its development on a strongly buoyant transport market, at both national and international levels.
Contacts: Justine Rohée / Riccardo Pierobon
T: +33(0)1 57 06 18 81 / +213 560146931
E: justine.rohee[.]alstom.com / riccardo.pierobon[.]alstom.com.