ABB completes Thomas & Betts acquisition
By Anthony Capkun
May 16, 2012 – ABB Ltd. has completed its acquisition of Thomas & Betts Corp., thereby advancing the ABB’s strategy of expanding its Low-Voltage Products division into new geographies, sectors and products. ABB says the complementary combination of T&B’s 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. T&B has a North-American network of more than 6000 distributor locations and wholesalers, which will provide greater access for ABB low-voltage products.
“The acquisition of Thomas & Betts furthers our global strategy and provides substantial opportunities to create value for our shareholders” said Joe Hogan, ABB’s CEO.
“Our joint low-voltage electrical components business is globally balanced and has one of the broadest scopes in the industry,” said Tarak Mehta (in photo), head of ABB’s Low Voltage Products division.
Dominic Pileggi will remain as chair of Thomas & Betts and Charles Treadway, previously COO, will take over from him as CEO. The headquarters of the company are in Memphis, Tenn.
“We are proud to join ABB and bring our skills, products and long-standing customer relationships into ABB’s portfolio,” said Treadway. “With our expanded product offering and global market presence, our combined companies have significant opportunities for growth.”
In connection with the completion of the transaction, Thomas & Betts shares have ceased trading on the New York Stock Exchange.