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.