Attached files
file | filename |
---|---|
EX-99.2 - EX-99.2 - BELDEN INC. | c61264exv99w2.htm |
8-K - FORM 8-K - BELDEN INC. | c61264e8vk.htm |
Exhibit 99.1
7733 Forsyth Boulevard Suite 800 St. Louis, Missouri 63105 |
Phone: 314.854.8000 Fax: 314.854.8003 www.Belden.com |
News Release
Belden Reaches Definitive Agreement to Acquire the Thomas & Betts
Communications Products Business
Belden Strengthens, Expands its Connectivity Platform
Communications Products Business
Belden Strengthens, Expands its Connectivity Platform
St. Louis, Missouri November 11, 2010 Belden Inc. (NYSE: BDC), a global leader in signal
transmission solutions for mission critical applications, today announced that it has entered into
a definitive agreement to acquire the Thomas & Betts Communications Products Business, for $78
million in cash.
This acquisition will further strengthen Beldens position as an end-to-end solution provider
within the broadband/CATV, security, and audio/video markets. This business includes
Snap-N-Seal® drop connectors, LRC® hardline connectors, Diamond®
hardware & grounding products, and telecom enclosures & connectors, including the
Kold-N-Klose® enclosure system. By adding these established brands and market-leading
Radio Frequency (RF) connectors to its extensive portfolio of audio, video and security cables,
Belden will expand its end-to-end solution offering and leverage its existing channels.
The Thomas & Betts Communications Products Business has an experienced management team, recognized
brands, plus a reputation for superior product quality, innovation, and best-in-class manufacturing
capabilities, said John Stroup, President and CEO of Belden Inc. We intend to invest in the
business to leverage these proven strengths and expand our combined presence in core markets within
North America, as well as other geographies where we already have commercial infrastructure in
place.
The acquisition is subject to regulatory review under the Hart-Scott-Rodino Antitrust Improvement
Act and is expected to be completed by calendar year-end 2010. Belden will fund the purchase price
with cash on hand. Belden expects the business will contribute $0.05 in income from continuing
operations per diluted share in fiscal year 2011.
Forward Looking Statements
Statements in this release other than historical facts are forward looking statements made in
reliance upon the safe harbor of the Private Securities Litigation Reform Act of 1995. Forward
looking statements include any statements regarding future revenues, costs and expenses, operating
income, earnings per share, margins, cash flows, dividends, and capital expenditures. These forward
looking statements are based on forecasts and projections about the markets and industries served
by the Company and about general economic conditions. They reflect managements beliefs and
expectations. They are not guarantees of future performance and they involve risk and uncertainty.
The Companys actual results may differ materially from these expectations. The current global
economic slowdown has adversely affected our results of operations and may continue to do so.
Turbulence in financial markets may increase our borrowing costs. Additional factors that may cause
actual results to differ from the Companys expectations include: the Companys reliance on key
distributors in marketing products; the Companys ability to execute and realize the expected
benefits from strategic initiatives
Belden to Acquire the Thomas & Betts Communications Products Business Page 2 of 2
(including revenue growth, cost control, and productivity improvement programs); changes in the
level of economic activity in the Companys major geographic markets; difficulties in realigning
manufacturing capacity and capabilities among the Companys global manufacturing facilities; the
competitiveness of the global cable, connectivity and networking industries, including wireless;
variability in the Companys quarterly and annual effective tax rates; changes in accounting rules
and interpretation of these rules which may affect the Companys reported earnings; changes in
currency exchange rates and political and economic uncertainties in the countries where the Company
conducts business; demand for the Companys products; the cost and availability of materials
including copper, plastic compounds derived from fossil fuels, and other materials; energy costs;
the Companys ability to integrate acquired businesses successfully; the ability of the Company to
develop and introduce new products; the Company having to recognize charges that would reduce
income as a result of impairing goodwill and other intangible assets; variability associated with
derivative and hedging instruments; and other factors. For a more complete discussion of risk
factors, please see our Annual Report on Form 10-K for the year ended December 31, 2009, filed with
the SEC on February 26, 2010. Belden disclaims any duty to update any forward looking statements as
a result of new information, future developments, or otherwise.
About Belden
St. Louis-based Belden Inc. designs, manufactures, and markets cable, connectivity, and networking
products in markets including industrial automation, enterprise, transportation, infrastructure,
and consumer electronics. It has approximately 6,500 employees, and provides value for industrial
automation, enterprise, education, healthcare, entertainment and broadcast, sound and security,
transportation, infrastructure, consumer electronics and other industries. Belden has manufacturing
capabilities in North America, Europe, and Asia, and a market presence in nearly every region of
the world. Belden was founded in 1902, and today is a leader with some of the strongest brands in
the signal transmission industry. For more information, visit www.belden.com.
About Thomas & Betts
Thomas & Betts Corporation (NYSE:TNB) is a global leader in the design, manufacture and marketing
of essential components used to manage the connection, distribution, transmission and reliability
of electrical power in industrial, construction and utility applications. With a portfolio of over
200,000 products marketed under more than 45 premium brand names, Thomas & Betts products are found
wherever electricity is used. Headquartered in Memphis, Tenn., Thomas & Betts reported revenues of
$1.9 billion and had approximately 8,500 employees in 2009. For more information, please visit
www.tnb.com.
Contact: |
||||
Belden Inc. | Belden Inc. | |||
Frank Milano, 314-854-8075 | Public Relations, 314-854-8054 | |||
Investor.Relations@Belden.com | ||||
Thomas & Betts Corporation | ||||
Tricia Bergeron, 901-252-8266 | ||||
Tricia.bergeron@tnb.com |