ABB to buy Thomas & Betts for $3.9 bln in U.S. push

Swiss engineering group ABB has agreed to buy U.S. electrical components maker Thomas & Betts for $3.9 billion to ramp up its presence in the world's largest market for low-voltage products.

Under the terms of Monday's deal, ABB will pay $72 per share in cash -- a 24 percent premium over the stock's closing price on Friday -- for the company, which supplies the construction, communications and power industries with connectors for cables, steel masts and heating and ventilation products.

ABB's Chief Executive Joe Hogan said the acquisition would open up a potential U.S. market for low-voltage products of about $24 billion for ABB's most profitable product range.

The deal would bring ABB's expenditure on companies in the United States to about $9 billion since Hogan took the helm in 2008, as he seeks to plug gaps in the group's portfolio.

Read Full Article from Reuters

- Posted: 2012-01-30 12:40:18

More Stock Investor Place Company News

Alibaba's Jack Ma Is Moving On, With an IPO Looming Pfizer’s Possible Unit Shuffle Triggers Breakup Concern Lululemon Raises 4th-Quarter Guidance But Misses Expectations; Shares Down Dell Shares Surge After Report of Possible Buyout ARMZ Seeks Rest of Uranium One for $1.3 Billion; Won’t Raise Bid

Stock Investor Place Company News Archive

January 2013 December 2012 November 2012 October 2012 September 2012 August 2012 July 2012 June 2012 May 2012 April 2012 March 2012 February 2012 January 2012 December 2011 November 2011 October 2011 September 2011 August 2011 July 2011 June 2011 May 2011 April 2011 March 2011 February 2011 January 2011 December 2010 November 2010 October 2010 September 2010 August 2010 July 2010 June 2010 May 2010 April 2010 March 2010 February 2010 January 2010 December 2009 November 2009 October 2009 September 2009 August 2009 July 2009 June 2009 May 2009 April 2009 March 2009 February 2009 January 2009 December 2008 November 2008 October 2008 September 2008 August 2008 July 2008 June 2008 May 2008