TYCO COMPLETES PURCHASE OF THOMAS & BETTS’ ELECTRONIC OEM DIVISION FOR $750 MILLION
PEMBROKE, Bermuda and MEMPHIS, Tenn.
Tyco Intl. Ltd. announces that it has completed the purchase of the Thomas & Betts’ electronic OEM business for $750 million in cash. The acquired business manufactures electronic connectors for the telecommunications, computer and automotive industries. During 1999, the business unit posted revenues of $687 million, and it has shown strong growth so far in 2000. “The electronic OEM business of Thomas & Betts, whose performance during the past few months has continued to exceed our expectations, provides an excellent strategic fit within the Tyco Electronics Group,” says L. Dennis Kozlowski, chairman and CEO of Tyco. “Its product line and customer base are highly complementary with those of Tyco Electronics and will provide an immediate positive impact to earnings.” The business includes respected brand names, such as Augat and Ansley. Tyco Intl. is the world’s largest manufacturer, installer and provider of fire protection systems and electronic security services.
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