ABB to acquire Thomas & Betts for $3.9 billion
by The Canadian Press
Swiss industrial giant hopes to boost its North American presence.
GENEVA—Swiss engineering group ABB Ltd. has agreed to purchase Thomas & Betts Corp. in a deal worth $3.9 billion.
ABB, a maker of industrial products, says the deal is part of a strategy to boost its North American presence. It has about 130,000 employees at operations in 100 nations.
Its U.S. operations in Cary, N.C. has 18,000 workers and revenues of $5 billion in the first three quarters of 2011.
Thomas & Betts employs about 9,400 people and is expected to report 2011 revenues of about $2.3 billion.
ABB said it expects to save costs and gain revenues of about $200 million a year by 2016.
The deal should close sometime in the second quarter 2012 and is subject to regulatory approvals.