India's Paramount Communications expands with buy of U.K. cable company

摘要

India's Paramount Communications Ltd. announced that it has bought U.K-based AEI Cables for approximately 26.5 million US dollars, a sum that a Reuters report said could be adjusted at the finalization stage. AEI Cables, a unit of TT Electronics, supplies cables to sectors that include defense, rail, power and mining. It has manufacturing facilities at Birtley, County Durham, where it designs and manufactures elastomeric and thermoplastic cables for voltages up to 20kV. "The sale of AEI Cables by parent company TT electronics follows its decision to concentrate on other business interests, and secures the AEI Cables brand and manufacturing facilities at Birtley, County Durham for the longer term," AEI reported in a press release.