Thomas & Betts Corp. (NYSE: TNB), Memphis, TN, has agreed to acquire PMA AG, a privately held, manufacturer of technologically advanced cable protection systems based in Zurich, Switzerland, for €85 million (approximately $120 million).
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PMA reported sales of approximately €33 million (approximately $45 million) in 2009. The acquisition is expected to be accretive to 2010 electrical segment margins and earnings per diluted share.
\”PMA has a reputation for high-quality, innovative products and is an excellent fit with our existing portfolio of leading industrial products,\” said Dominic J. Pileggi, CEO of Thomas & Betts. \”PMA’s strong relationships with leading global industrial original equipment manufacturers and industrial distributors throughout Europe, the Middle East and Asia will extend our access to several key – and growing – industrial markets. Likewise, T&B’s leadership position in North America offers an opportunity to grow PMA’s presence in these markets.\”
PMA manufactures high-quality polyamide resin-based flexible conduit and fittings used in a broad variety of industrial applications to protect energy and data cables from external forces such as vibration, heat, fire, cold and tensile stress.
