Thomas & Betts Corp.,Memphis, TN , reported sales of $2.5 billion for 2008, up 15.8% over 2007. Profit was $265.3 million, up 44.8%.  

The year-over-year increase in sales was driven largely by acquisitions, which accounted for $314 million of the increase. Price increases related to higher commodity and energy costs helped to offset lower underlying sales volumes. Foreign currency benefited sales by approximately $19 million.

 Fourth quarter sales were $571.3 million, down 5.2% on a year-over-year basis. The sales decline is largely due to significantly lower sales volumes and the dramatic appreciation of the U.S. dollar versus other global currencies. Profit was $17.1 million, down 64.6%.

Thomas & Betts is a designer and manufacturer of electrical components used in industrial, commercial, communications and utility markets.