Expansion Plans for Italian-Owned Electrical Wire Manufacturing Facility
The Italian owners of a McKinney copper and aluminum electrical wire manufacturing facility plan to invest $500 million to expand operations.
Prysmian held a groundbreaking ceremony at the Encore Wire Plant on Thursday. The investment centers on a new medium-voltage cable production facility, totaling more than 650,000 square feet.
New Plant and Job Creation
The new plant is expected to create 120 jobs and significantly increase the firm’s medium voltage capacity to support growing electricity demand. It should open in 2027.
“This new plant will be one of the largest standalone facilities on our campus, which is the largest vertically integrated cable factory on the planet and is a major milestone in the Prysmian/Encore Wire growth,” Andrea Pirondini, Prysmian North America CEO, said in a statement.
Company Background
Encore Wire began operations in 1989 with a 68,000-square-foot industrial warehouse building in McKinney. Over the past 35 years, Encore has grown to over 3.5 million square feet across 460 acres, the company said.
Prysmian acquired Encore Wire for roughly $4.1 billion last year.
About Prysmian
Prysmian, based in Milan, is one of the largest cable solutions providers in the world with more than 33,000 employees, 107 production plants and 27 research and development centers in over 50 countries. In 2024, global sales exceeded 17 billion euros, the firm said.
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Conclusion
The expansion of the McKinney electrical wire manufacturing facility is a significant investment in the future of the company and the local community. With the creation of new jobs and increased production capacity, Prysmian is poised to meet the growing demand for electricity and continue to be a leader in the cable solutions industry.
FAQs
Q: How much is Prysmian investing in the expansion of the McKinney facility?
A: Prysmian is investing $500 million in the expansion of the McKinney facility.
Q: How many new jobs will be created by the expansion?
A: The expansion is expected to create 120 new jobs.
Q: When is the new plant expected to open?
A: The new plant is expected to open in 2027.
Q: How large is the new production facility?
A: The new production facility will total more than 650,000 square feet.
