Hubbell Incorporated announced on Oct. 5 that it completed the purchase of FCI Americas, Inc. (Burndy) for consideration of approximately $360 million in cash (net of cash acquired) subject to certain standard adjustments.
Burndy, Manchester, N. H., had 2008 sales were approximately $225 million and operating profit margins were in the high teens. The company will continue to operate as a stand-alone business unit as part of Hubbell's electrical systems products for the foreseeable future. The acquisition was funded with cash as well as some short term borrowings.
Press release: http://finance.yahoo.com/news/Hubbell-Completes-Purchase-of-bw-4147785971.html?x=0&.v=1
About the Author
Jim Lucy Blog
Chief Editor
Jim Lucy has been wandering through the electrical market for more than 30 years, most of the time as an editor for Electrical Wholesaling, Electrical Marketing newsletter and CEE News. During that time he and the editorial team for the publications have won numerous national awards for their coverage of the electrical business. He showed an early interest in electricity, when as a youth he had an idea for a hot dog cooker. Unfortunately, the first crude prototype malfunctioned and the arc nearly blew him out of his parents' basement. Before becoming an editor for Electrical Wholesaling magazine and Electrical Marketing, he earned a BA degree in journalism and a MA in communications from Glassboro State College, Glassboro, NJ., which is formerly best known as the site of the 1967 summit meeting between President Lyndon Johnson and Russian Premier Aleksei Nikolayevich Kosygin, and now best known as the New Jersey state college that changed its name in 1992 to Rowan University because of a generous $100 million donation by N.J. zillionaire industrialist Henry Rowan. Jim is a Brooklyn-born Jersey Guy happily transplanted in the fertile plains of Kansas for the past 20 years.