ABB completes acquisition of Thomas & Betts

Zurich and Memphis, Tenn., May 16, 2012 — Power and automation technology group ABB Ltd., and Thomas & Betts Corp., a North American leader in low voltage products, 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 about $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 well-established channels.

Dominic Pileggi will remain as chairman of Thomas & Betts and Charles Treadway, previously chief operating officer, will take over from him as CEO. The headquarters of the company are in Memphis, Tenn.

In connection with the completion of the transaction, Thomas & Betts shares have ceased trading on the New York Stock Exchange.

Bank of America Merrill Lynch acted as financial advisor to ABB and Kirkland & Ellis LLP acted as main legal advisor. Deutsche Bank Securities Inc. acted as financial advisor to Thomas & Betts and Davis Polk & Wardwell LLP as legal advisor.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs