March 21, 2005 09:48 ET
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
General Cable Corporation
Paul M. Montgomery, 859-572-8684 (Investor Relations)
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