Thomas & Betts Corp., Memphis, has agreed to acquire PMA AG, Zurich, Switzerland, a privately held European manufacturer of cable protection systems, for €85 million (approximately $120 million). The acquisition is expected to close within 60 days. PMA reported sales of approximately €33 million (approximately $45 million) in 2009.
PMA manufactures polyamide resin-based flexible conduit and fittings used in a broad variety of industrial applications to protect energy and data cables from external forces such as vibration, heat, fire, cold and tensile stress. Primary markets include cable protection systems for the rail car manufacturing and machine building industries and PMA has a growing presence in mining and infrastructure projects, according to T&B.
“PMA's strong relationships with leading global industrial original equipment manufacturers and industrial distributors throughout Europe, the Middle East and Asia will extend our access to several key -- and growing -- industrial markets,” said Dominic J. Pileggi, chairman and chief executive officer of Thomas & Betts. “Likewise, T&B's leadership position in North America offers an opportunity to grow PMA's presence in these markets.” Details