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Thomas & Betts Corp. (NYSE:TNB), Memphis, TN, has acquired Cable Management Group, Ltd., a privately held, global manufacturer of cable protection systems specified in industrial and infrastructure / construction applications, for £70 million (US$110 million) from available cash reserves.
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CMG manufactures a broad range of metallic and non-metallic flexible conduit and fitting systems used to protect critical power and data systems from fire, dust, moisture, vibration and corrosion. Based in Birmingham, U.K., CMG reported sales of £28 million (US$44 million) for the fiscal year ended July 31, 2010.
"CMG is a growing and profitable business with market-leading brands, a solid international presence and an excellent financial profile," said Dominic J. Pileggi, CEO of Thomas & Betts. "CMG's diverse portfolio of cable protection systems complement T&B's existing product offering as well the portfolio of cable protection systems added when we acquired Swiss-based PMA AG earlier this year. Both the CMG and PMA acquisitions support our strategic goals of broadening our presence outside North America and strengthening our leadership in industrial electrical components."