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Electrical and electronics manufacturer Hubbell Inc., Orange, CT, has agreed to acquire FCI Americas, Inc., more commonly known as Burndy, for$360 million in cash, subject to certain standard adjustments.
Burndy, Manchester, NH, is a North American manufacturer of connectors, cable accessories and tooling serving utilities, commercial and industrial customers. In 2008, Burndy generated sales of approximately $225 million with operating profit margins in the high teens. Products are primarily sold through distributors, the same channel utilized by Hubbell.
"Burndy has earned great respect over the years from distributors and end users and the brand is a natural complement to Hubbell's positioning," said Timothy H. Powers, president and CEO of Hubbell. "Their emphasis on lean manufacturing and safety, as well as their strengths in engineering and customer service reinforce some of Hubbell's core competencies. Financially, we expect Burndy to contribute to expanding our operating margin. We also expect to realize both sales and operating efficiencies as we integrate Burndy."