Thomas & Betts acquisition to enhance strength in electrical component markets
Memphis, Tenn. - August 15, 2007 - Thomas & Betts Corporation, whose Canadian subsidiary Thomas & Betts Limited is ...
Memphis, Tenn. – August 15, 2007 – Thomas & Betts Corporation, whose Canadian subsidiary Thomas & Betts Limited is based in Saint-Jean-sur-Richelieu, Que., will acquire Lamson & Sessions of Cleveland, Ohio, for about US$450 million. The transaction is expected to close in late 2007.
This acquisition is a great fit with Thomas & Betts and is consistent with our strategy of expanding our portfolio of market-leading brands and leveraging our business infrastructure to enhance our already strong relationship with distributors and end users of electrical products, said Dominic J. Pileggi, chairman and chief executive officer.
Lamson & Sessions is a supplier of nonmetallic electrical boxes, fittings, flexible conduit and industrial PVC pipe. Its Carlon brand and trademarked Blue Box are the most recognized non-metallic electrical outlet boxes in the industry.
For the calendar year 2008, Thomas & Bettss preliminary assessment is that the acquisition will contribute approximately $0.5 billion to revenues and be accretive to earnings by approximately $0.15 to $0.20 per share. Potential operational efficiencies are expected to provide additional future benefits. In addition, the company is assessing strategic options regarding the PVC pipe business.
Thomas & Betts Corporation is a manufacturer of electrical components used in construction, industrial and utility markets. The company is also a producer of commercial heating and ventilation units and highly engineered steel structures used primarily for utility transmission. Headquartered in Memphis, Tenn., the company has manufacturing, distribution and office facilities worldwide. In 2006, it reported US$1.9 billion in revenues.
More information can be found at www.tnb.com.