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Electrical component manufacturer Thomas & Betts Corp. (NYSE: TNB), Memphis, TN, has agreed to sell its communications products business to St. Louis, MO-based Belden Inc. (NYSE: BDC) for cash consideration of $78 million. The transaction is expected to be completed by year-end 2010, subject to regulatory approval.
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The business, which is included in the company's global Electrical segment, generated $45 million in sales for the first nine months of 2010. The sale includes, among other assets, two manufacturing facilities, trade names and associated intellectual property.
"This was an opportune time to divest this non-strategic business," said Dominic J. Pileggi, CEO of Thomas & Betts. "We continue to focus on our strategy of enhancing our core electrical products portfolio and expanding our global market presence as demonstrated by our strategic acquisitions earlier this year."
Belden designs, manufactures and markets cable, connectivity and networking products for industrial automation, enterprise, transportation, infrastructure and consumer electronics.