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Prysmian
Incorporated in 2005 as part of a Goldman Sachs-led buyout of Pirelli's cable operations, Prysmian has become the world's largest manufacturer of power and...
Prysmian
Incorporated in 2005 as part of a Goldman Sachs-led buyout of Pirelli's cable operations, Prysmian has become the world's largest manufacturer of power and telecom cables. The firm listed on the Milan Stock Exchange in 2007 and later absorbed Netherlands-based Draka in 2011, followed by the landmark €7.8 billion acquisition of Kentucky-based General Cable in 2018 — the deal that cemented its North American industrial footprint. Prysmian's operations span three segments: Projects, which delivers high-voltage submarine and underground cables for offshore wind parks and interconnectors; Energy Products, covering low- and medium-voltage distribution; and Telecom, which manufactures optical fiber and connectivity accessories for FTTx and data center networks. The group operates 108 plants in over 50 countries. Recent flagship projects include installing submarine cables for the Dogger Bank wind farm in the UK, building a 525 kV HVDC underground system in Germany, and producing the optical ground wire for Brazil's backbone transmission network. The company employs over 30,000 people and generated €15.4 billion in revenue during 2023. Its primary listing is on Euronext Milan under the ticker PRY, with an additional office held in Highland Heights, Kentucky. In May 2024, Massimo Battaini formally assumed the group CEO role, advancing from his position as Chief Operating Officer, succeeding Valerio Battista after his 18-year tenure at the helm. Unlike pure-play financial allocators, Prysmian operates an integrated industrial model with proprietary manufacturing assets and installation vessels — notably the Leonardo da Vinci, the world's largest cable-laying ship. This vertical integration from factory floor to seabed installation creates a capital-intensive moat that few competitors can replicate, making it a distinct infrastructure supplier rather than a contract manager for financial sponsors.
General information
Firm type
Asset Manager
Year founded
2005
Location
Region
Europe
Country
Italy
City
Milan
Corporate office
Milan, Italy
Additional offices
Highland Heights, KY, United States
Principals
Massimo Battaini
CEO
Sector focus
Frequently asked questions
What does Prysmian actually manufacture and install?
Prysmian produces and installs power and telecommunications cables across three business segments. The Projects division handles high-voltage submarine and underground cables for offshore wind farms and national grid interconnections. Energy Products supplies low- and medium-voltage cables for construction, utilities, and industrial use. The Telecom segment manufactures optical fiber, connectivity components, and copper cables for broadband and data center networks.
How does the General Cable acquisition fit into Prysmian's industrial strategy?
Prysmian acquired General Cable for $3 billion (approximately €7.8 billion valuation) in 2018 to gain a significant manufacturing and distribution presence in North America and Latin America. General Cable brought 57 manufacturing sites and roughly 14,000 employees, materially expanding Prysmian's footprint in the US utility and building-wire markets. The deal moved Prysmian from a Europe-centric operator to a truly global industrial manufacturer.
What energy transition infrastructure does Prysmian enable?
Prysmian supplies the high-voltage submarine export cables that transmit power from offshore wind turbines to onshore grids, underpinning many of Europe's largest renewable energy projects including Dogger Bank and Vineyard Wind. The company also manufactures underground HVDC cables for cross-border electricity interconnectors, which are considered critical infrastructure for Europe's plan to decarbonize its power systems.
Is Prysmian a financial investor or an industrial operator?
Prysmian is a pure industrial operator, not a financial asset manager. The firm owns and operates 108 production plants and a fleet of cable-laying vessels, including the Leonardo da Vinci, rather than holding portfolio company equity stakes. Its revenue is generated from manufacturing and installation contracts rather than management fees or carried interest.
Who are Prysmian's core competitors in the subsea cable market?
The high-voltage submarine cable market is highly consolidated. Prysmian's primary global competitors include Denmark's NKT Group, France's Nexans, and Japan's Sumitomo Electric. Barriers to entry are very high due to the specialized manufacturing assets and the scarcity of purpose-built cable-laying vessels required to execute offshore projects.
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