Erico Fasteners to Join Hoffman Enclosures as Part of Pentair Technical Solutions

Erico Fasteners to Join Hoffman Enclosures as Part of Pentair Technical Solutions

Century-old fastener manufacturer Erico Global Co., Solon, Ohio, has agreed to be acquired by U.K. industrial specialist Pentair plc, Manchester, U.K., for $1.8 billion in cash including repayment of Erico debt. Erico joins well-known brands including Hoffman and Schroff enclosures and Raychem heat tracing equipment as part of Pentair Technical Solutions.

The transaction values Erico at approximately 12-times 2015 forecasted earnings. Pentair plans to fund the transaction with a com

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