General Cable (NYSE: BGC) reported Q3 EPS of $0.30, $0.10 worse than the analyst estimate of $0.40. Revenue for the quarter came in at $1.47 billion versus the consensus estimate of $1.52 billion.

John E. Welsh, III, Chairman, said, “The Board has concluded its extensive review of the Company’s strategic alternatives and operational structure, and has determined that the best way to maximize value to shareholders in the current global environment is to simplify our geographic portfolio, reduce operational complexity and focus on delivering increased returns from our core strategic operations in North America, Latin America and Europe. We believe these actions will optimize the Company’s asset base and sharpen the Company’s strategic focus on its core assets, while retaining a meaningful level of exposure to developing economies that may offer future growth opportunities.”

Gregory B. Kenny, President and Chief Executive Officer, said, “We are making excellent progress on our previously announced restructuring program but, given the persistently uneven global demand and pricing environment, we have decided to accelerate and expand our efforts. As we exit our manufacturing operations in Asia Pacific and Africa, we will step up our efforts to improve returns from our businesses in North America, Latin America and Europe where we maintain leading market positions, economies of scale, breadth of product and technical expertise. There are a number of global businesses centered in our core footprint. We will continue to serve our international customers as we have always done from these locations. We believe the fundamental changes we are announcing today will better position the Company to benefit from future energy, infrastructure and construction investment in our core strategic markets.”

The Board was assisted in its strategic review by its financial advisor J.P. Morgan. The Company is developing a divestiture plan for its Asia Pacific and African assets and Peter A. Campbell, Executive Vice President and Chief Executive Officer of General Cable Asia Pacific, will direct these operations during the divestiture process. The operations in Asia Pacific and Africa represent annual revenue of approximately $1.0 billion on a consolidated basis.

CEO transition plan

General Cable also announced that, consistent with its ongoing focus on succession planning, its Board has formed a search committee to identify the Company’s next Chief Executive Officer and has retained an executive search firm to assist in the process. Current President and CEO, Gregory B. Kenny, will continue during the search and is expected to become Chairman of the Board upon the appointment of a new CEO.

Plans to expand Board of Directors

The Board has commenced a process to identify and appoint an additional operations-experienced independent director. The Company has engaged an executive search firm to assist in the process and has already identified potential candidates with strong operational experience in energy infrastructure, manufacturing and/or related industries.

Significant progress on restructuring program

The Company has made significant progress on its restructuring program, including the announcement of planned actions in Europe and Colombia which together are expected to generate approximately $48 million of ongoing annual savings and result in one-time pre-tax charges in the range of $130 million, including $40 million of cash. The estimated costs of the program are tracking according to plan with anticipated total pre-tax costs of $180 million, or approximately 90% of the total estimated pre-tax costs, announced through the third quarter. Overall the restructuring program is also tracking according to plan with approximately $60 million or 80% of the initiatives to generate annual savings of $75 million announced through the third quarter. While savings are beginning to be realized in the second half of 2014, the Company expects approximately $30 to $40 million of incremental savings to be realized in 2015 increasing to the full targeted annual savings of $75 million beginning in 2016. The cash payback of the restructuring program is expected to be 1.3 years.

“The announcement of planned actions in Europe represents substantial progress as we plan to consolidate and realign our businesses to drive the improvement of underperforming assets. In Colombia, we are consolidating and streamlining our assets, further strengthening our platform for future success in one of the most attractive long-term growth markets in Latin America. In addition, we are continuing our work on the previously announced facility closures in India, Peru and North America which are advancing according to plan. Production has ceased in India and Peru and we are in the process of unwinding the capital employed,” Kenny said.

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