French cables and optical fibre manufacturer Nexans has agreed to acquire La Triveneta Cavi, an Italian company specialising in low-voltage cables, for an undisclosed amount.

Founded by Ermenegildo Scalabrin, Gastone Massignan and Bruno Gobetti, La Triveneta Cavi dates back to 1965.

It is a well-established entity in the European medium and low-voltage cable market.

La Triveneta Cavi has a workforce of 700 and reported revenues exceeding €800m ($880m) during 2023.

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The company’s operations are well-integrated within Italy, featuring three production units and an in-house copper-drawing facility in Brendola, Tolentino and Montecchio Maggiore.

The agreement will help Nexans expand its cable portfolio and will put the company in a position to profit from the increasing demand for fire safety cables, which is predicted to rise at a compound annual growth rate of more than 13% between 2021 and 2030.

This is driven by new safety regulations, rising electricity needs and trends in construction and renovation.

The company also plans to leverage La Triveneta Cavi’s expertise in fire-retardant technology to expand its fire safety offerings worldwide.

Nexans CEO Christopher Guérin stated: “The acquisition of La Triveneta Cavi will be a major milestone in our journey to become a global electrification pure player. Italy is the third largest economy in the Eurozone and the second largest manufacturing economy in Europe, with highly skilled talents and renowned excellence in research and development and industrial processes.

“We are delighted to welcome La Triveneta Cavi’s 700 people within the larger Nexans family. La Triveneta Cavi will bring to Nexans more than 800 million euros in sales, four production units with technological platform capabilities to enhance our product portfolio, and will enable the acceleration of new sustainable offer launches in high-demand markets.

“The combination of Nexans and La Triveneta Cavi will be a real catalyst for a ‘made in Italy’ cable production in the Veneto region that will bring significant investment and jobs for La Triveneta Cavi.”

In July 2023, Nexans secured a €1.43bn ($1.6bn) turnkey contract to build a section of the EuroAsia Interconnector linking the electricity grids of Greece, Israel, Cyprus and Europe.

The interconnector project will allow for 1GW of electricity transmission between Israel, Cyprus and Greece, with Europe in its first stage.

In stage two, the capacity will be increased to 2GW – enough to power three million households annually.

In December 2023, Abu Dhabi National Energy Company PJSC signed a memorandum of understanding with the Independent Power Transmission Operation of Greece and the Cypriot government, to invest in the interconnector project.