Nexans completes Reka Cables acquisition to electrify NordicsApr 26, 2023
Nexans announces the successful completion of its acquisition of Reka Cables, a premium company active in the manufacturing of high, medium and low voltages cables, for building applications, power distribution networks and onshore wind projects.
- With a turnover of 172 million euros in 2022, this acquisition is fully aligned with the Group’s strategic ambition to become a pure electrification player committed to contribute to carbon neutrality by 2030.
- Nexans and Reka Cables will bring together their ideas and expertise across the Nordic region. The combined business will continue to be at the forefront of sustainability and innovation, in order to deliver high quality and safe cables to Nordic customers.
Paris, France, April 26, 2023 – Nexans announces today the successful completion of its acquisition of Reka Cables, a premium high, medium and low voltage cables manufacturer in Finland, from Reka Industrial (listed at NASDAQ Helsinki Ltd.) following receipt of regulatory clearance.
This acquisition marks an additional milestone of Nexans’ ambition to become a pure electrification player focusing on the overall value chain.
Reka Cables, headquartered in Hyvinkää, Finland, has been providing high-quality cables to customers in the energy, infrastructure, and building sectors for over 60 years. The company operates three manufacturing plants in Finland which will be complementing Nexans’ existing operations in Sweden and Norway. In 2022, Reka Cables reported current sales of 172 million euros and an EBITDA of 11 million euros.
Nexans completes Reka Cables acquisition to electrify NordicsDownload
The company, combined with Nexans' global reach and innovation capabilities, will create significant value for customers in Nordics and beyond. Nexans and Reka Cables share a culture that emphasizes sustainability, and premium customer experience.
As part of the acquisition, Reka Cables will be integrated into Nexans' Distribution & Usage business group. This operation also opens great perspective for both for Reka Cables and Nexans teams, with even more synergies and development opportunities ahead of them.
“ We are extremely happy to welcome new colleagues and become one of the largest players in the Nordic region. Together we can do even more to solve the greatest challenge of our time, the climate transition, and accelerate electrification both here in the Nordic region and the rest of the world. One of our concrete sustainability goals is that 95 percent of everything we sell in the Nordic region will also be produced in the Nordic region by 2025. By the integration of Reka, we reach 90 percent local production, and are well on our way to reaching the goal ahead of time. ”
Lars JosefssonGeneral Manager BU Nordics Nexans
“ The business transaction creates new opportunities for Reka Cables teams and will provide them with new opportunities to grow and develop in the future as part of Nexans ”
Markku E. RenttoChairman of the Board of Reka Industrial
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