ABB acquires Thomas and Betts
ABB's completed acquisition of Thomas and Betts is estimated to bring in $6.6 billion in annual revenue. The merger allows ABB to continue their expansion in the U.S. market and it gives Thomas and Betts a foothold in Europe and Asia.
ABB Ltd (NYSE: ABB) and Thomas & Betts Corporation announced that ABB has completed its previously announced acquisition of Thomas & Betts.
The acquisition of Thomas & Betts advances ABB’s strategy of expanding its Low Voltage Products division into new geographies, sectors and products. The complementary combination of Thomas & Betts’ electrical components and ABB’s low voltage protection, control and measurement products will create a broader low voltage offering.
In North America, the combination will double ABB’s addressable market to approximately $24 billion. Thomas & Betts’ has a North-American network of more than 6,000 distributor locations and wholesalers which will provide greater access for ABB low voltage products. In Europe and Asia, distribution capabilities and coverage will be expanded through ABB’s channels.
Dominic Pileggi will remain as Chairman of Thomas & Betts and Charles Treadway, previously Chief Operating Officer, will be the CEO.
In connection with the completion of the transaction, Thomas & Betts shares have ceased trading on the New York Stock Exchange.
- Edited by Chris Vavra, Control Engineering, www.controleng.com