FCI to sell Burndy to Hubbell
By Anthony Capkun
FCI Group has entered into an agreement to sell its electrical division—known by the brand name Burndy—to Hubbell Inc.
FCI says that, as a result of the “excellent performance of its
electrical division”, it has received many unsolicited offers over the
years for its acquisition. “Some of the recent offers were particularly
attractive and deserved closer attention,” reads the press release,
adding, “Therefore, FCI top management decided to carefully study these
proposals, which ended in the decision to divest the division.”
“The electrical division had the least synergies with the other
divisions of FCI in terms of products and customers and we think that
the combination with Hubbell will enhance the value creation
opportunities for the Burndy brand,” said Pierre Vareille, chair and
CEO of FCI Group. “Moreover, thanks to this divestiture, FCI’s
financial situation is more sound and stable than ever. [It] opens for
FCI a wealth of opportunities for new developments, be it vis-Ã -vis our
customers, our partners or other companies that may join our group.”
The deal remains subject to approval, and is expected to be finalized during Q4 2009.
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