Prysmian buys International Wireless in New Zealand

Italian cable group Prysmian had agreed to buy International Wire & Cable (IWC), a smaller peer based in New Zealand , as part of a move to expand its business in the Asia Pacific region, a Reuters report said.

The Reuters report said Prysmian expected to close the cash deal by September 3. It did not give the value of the deal.

With a staff of 65, IWC had about 20 million euros ($27.3 million) in revenue in 2006, Prysmian said.

Prysmian already has two plants in Australia where it makes cables and cable systems for the energy and telecommunications sectors, the Reuters report said.