June 27, 2014 By Anthony Capkun
June 27, 2014 – ABB has signed an agreement to divest the Meyer Steel Structures business of Thomas & Betts for $600 million to Trinity Industries Inc. The all-cash transaction is expected to close in Q3 2014, subject to regulatory clearance.
ABB says it is divesting the steel structures business of Thomas & Betts due to limited synergies with its core portfolio. The business serves North American utilities with engineered steel mono-pole structures for power transmission & distribution. Headquartered in Memphis, Tenn., it employs more than 1100 people and has four U.S.-based manufacturing facilities.
“This divestment is in line with our strategy for continuous portfolio optimization and reflects the limited synergies that the steel structures business has with our core business,” said ABB president and CEO, Ulrich Spiesshofer (photo). “The integration of Thomas & Betts is on track and delivers significant growth opportunities for our Low Voltage Products division in North America and beyond.”
““Meyer has an excellent reputation as a high-quality manufacturer of utility steel structures,” said Timothy R. Wallace, Trinity’s chair, CEO and president. “We look forward to having the employees of Meyer join the Trinity team.”
“This transaction will enable Thomas & Betts to focus on growth in its core portfolio of electrical products,” added Chuck Treadway, Thomas & Betts CEO.
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