Prysmian Group, a publicly owned Italian company founded in 1872, manufactures electric power transmission and telecommunications cables and systems. As of 2024, it employs approximately 10,660 people and generates annual revenues exceeding $1 billion. Its headquarters are located in Italy.
Prysmian Group completed the submarine cable installation connecting Tenerife and La Gomera in Spain; the project's full completion is expected by the end of the year. On an unspecified Tuesday, Prysmian Spa, through its subsidiary Draka Comteq BV, announced a placing agreement to sell 37.6 million H shares of Yangtze Optical Fibre and Cable Joint Stock Limited Company, representing approximately 5% of the company's total share capital, to institutional investors. This sale was also reported on a separate Tuesday. Additionally, Prysmian Group completed the hull erection of its new cable-laying vessel, the Alessandro Volta, which will have a 19,000-ton load capacity and the ability to lay power cables in up to 1500 meters of water. Finally, on another Tuesday, Prysmian Group announced the completion of its divestment from Yangtze Optical Fibre and Cable, selling its remaining 5% stake.
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