GeneralCableCorp(NYSE:BGC), a maker of copper, aluminum and fiber optic cables, on Monday announced plans to acquire AlcanCable, the wire and cable business of RIO tinto, for $185 million in cash.

At current metal prices, ge cable said it expects Alcan to contribute more than $650 million to $700 million in annual revenue and boost shareholder value in the near term.

Alcan produces aluminum cables for the utility (1788.875,7.65,0.43%) and construction industries. The company employs about 1,050 people and has operations in the us, Canada, Mexico and China.

Ge cable said it planned to use existing financing to pay for the deal, which it expects to close in the second half of this year.