Greentech Lead
America: ABB is set to acquire Thomas & Betts, a manufacturer of low
voltage products, for approximately $3.9 billion.
The acquisition price represents a 24 percent premium to
Thomas & Betts’ closing stock price on January 27, 2012 and a 35 percent
premium to the volume weighted average stock price over the past 60 trading
days.
With this acquisition, ABB is
targeting to double its addressable market in North America to approximately
$24 billion.
The combination of Thomas & Betts’ electrical components
and ABB’s low-voltage protection, control and measurement products would create
a broader low voltage portfolio.
presence in the key North American market. The transaction clearly supports our
2015 growth and profitability targets, and meets all of our
return-on-investment criteria for creating shareholder value,” said Joe Hogan,
ABB’s CEO.
distribution network in North America, and through ABB’s well established
distribution channels in Europe and Asia.
Thomas & Betts, combined with ABB’s North American
low-voltage products business, will become a new global business unit led out
of Memphis, TN, under the leadership of chairman and CEO Dominic J. Pileggi.
and distributor network with a broader portfolio of products and will provide
long-term opportunities to our employees. This is the right time for this
transaction and I believe strongly that ABB is the right partner for our
business going forward,” said Pileggi.
report 2011 revenues of approximately $2.3 billion and earnings before
interest, taxes, depreciation and amortization of approximately $390 million.
ABB launches Terra 51 electric vehicle fast charger in US
Recently, ABB launched its Terra 51 direct current (DC)
charger in the US market. The Terra 51 will be manufactured in New Berlin,
Wisconsin and is available for delivery in the second half of this year. The
Terra 51 is a fast charger that reduces electric vehicle charging times from
eight hours to 15 to 30 minutes by using alternating current (AC).