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Thomas & Betts Agrees to Acquire European Manufacturer of Cable Protection Equipment
In a move to expand its offerings in the European, Middle Eastern and Asian markets, Thomas & Betts Corp., Memphis, Tenn., 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 has a reputation for high-quality, innovative products and is an excellent fit with our existing portfolio of leading industrial products,” said Dominic J. Pileggi, chairman and chief executive officer of Thomas & Betts. “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. Likewise, T&B’s leadership position in North America offers an opportunity to grow PMA’s presence in these markets.”
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. PMA is a leader in cable protection systems for the rail car manufacturing and machine building industries and has a growing presence in mining and infrastructure projects, T&B said. PMA products conform to worldwide standards and regulations and are sold in more than 45 countries in Europe, Asia, the Middle East and North America.