Italian group invests in Sintra
The Italian group Prysmian which is the world leader in cables manufacturing, is to invest €4 million in Portugal in projects to be set up in the next few months.
The project involves the production of ‘green’ cables made of recycled materials at the General Cable CelCat factory near Sintra which has been in the hands of the Italian group since 2018 after being purchased from the US firm General Cable which had held it since 2000.
The investment announcement was made to around 200 stakeholders on Thursday at Prysmian’s Portuguese headquarters in Porto as the company celebrated the factory’s 80 years in Sintra.
“We will invest €4 million in Portugal on projects to be developed over the coming months to increase the factory’s competitiveness” said the Managing Director of Prysmian Iberia, Jordi Calvo to Jornal de Negócios without detailing the investment or if more employees would be hired.
Prysmian employs around 29,000 staff in 50 countries and 112 factories and in 2022 turned over €16Bn with net profits of €504 million.