General Cable Corporation



General Cable Corporation

March 21, 2005 09:48 ET

General Cable's Lincoln, Rhode Island Union Workers Declare Strike


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: GENERAL CABLE CORPORATION

NYSE SYMBOL: BGC

MARCH 21, 2005 - 09:48 ET

General Cable's Lincoln, Rhode Island Union Workers
Declare Strike

HIGHLAND HEIGHTS, Ky.--(CCNMatthews - Mar 21, 2005) -

General Cable Corporation (NYSE:BGC) announced today that Local Union
No. 4543 of the United Steelworkers of America (USWA) at its Lincoln,
Rhode Island plant is on strike. The Company's four-year contract with
the union expired at 11:59 PM on Saturday, March 12, 2005, and was
extended for one week as the parties worked toward a new agreement.
While significant progress was made by both parties in arriving at a new
mutually acceptable agreement, union workers voted by a narrow margin on
Sunday, March 20th not to approve the new agreement. As a result, the
union commenced a strike at the facility effective Monday, March 21st.
Both parties are continuing to work together to reach a new contract.

The Local Union No. 4543 represents 180 production and maintenance
workers at the Lincoln, Rhode Island plant, where the Company
manufactures industrial and specialty cables. General Cable has
sufficient inventory to meet customer requirements during the
anticipated period of negotiations with the union as well as alternative
manufacturing facilities in the event of an extended stoppage. The
Company does not expect that the strike will have a significant impact
on its financial results for the first quarter of 2005.

General Cable (NYSE:BGC), headquartered in Highland Heights, Kentucky,
is a leader in the development, design, manufacture, marketing and
distribution of copper, aluminum and fiber optic wire and cable products
for the energy, industrial, specialty and communications markets. Visit
our website at www.GeneralCable.com.

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 include economic and political consequences
resulting from the September 2001 terrorist attack and the war with
Iraq, domestic and local country price competition, particularly in
certain segments of the power cable market and other competitive
pressures; general economic conditions, particularly in construction;
changes in customer or distributor purchasing patterns in our business
segments; the Company's ability to increase manufacturing capacity and
productivity; the financial impact of any future plant closures; the
Company's ability to successfully complete and integrate acquisitions
and divestitures; the Company's ability to negotiate extensions of labor
agreements on acceptable terms; the Company's ability to service debt
requirements and maintain adequate domestic and international credit
facilities and credit lines; the Company's ability to pay dividends on
its preferred stock; the impact of unexpected future judgments or
settlements of claims and litigation; the Company's ability to achieve
target returns on investments in its defined benefit plans; the
Company's ability to avoid limitations on utilization of net losses for
income tax purposes; the cost of raw materials, including copper and
aluminum; the Company's ability to increase its selling prices during
periods of increasing raw material costs; the impact of foreign currency
fluctuations; the impact of technological changes; and other factors
which are discussed in the Company's Report on Form 10-K filed with the
Securities and Exchange Commission on March 12, 2004, as well as
periodic reports filed with the Commission.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    General Cable Corporation
    Paul M. Montgomery, 859-572-8684 (Investor Relations)