ABB completes acquisition of Thomas & Betts
May 17, 2012 by Manufacturing AUTOMATION
ABB Ltd has completed its acquisition of Thomas & Betts Corporation, making the United States ABB’s largest market.
According to a statement from ABB, the acquisition will advance ABB’s strategy of expanding its low voltage products division.
In North America, the combination is expected to double ABB’s addressable market to approximately $24 billion. Thomas & Betts’ has a North-American network of more than 6,000 distributor locations and wholesalers, which will provide greater access for ABB low voltage products. In Europe and Asia, distribution capabilities and coverage will be expanded through ABB’s already-established channels.
“The acquisition of Thomas & Betts furthers our global strategy and provides substantial opportunities to create value for our shareholders” Joe Hogan, ABB’s CEO, said in a statement. “ABB firmly believes in the strength of American manufacturing. Within the past three years, we have invested over $11 billion in North America to become a leading player for power and automation technologies in the region and today the U.S. is ABB’s largest market in terms of sales and employees”.
Dominic Pileggi will remain as Chairman of Thomas & Betts and Charles Treadway, previously Chief Operating Officer, will take over from him as CEO. The headquarters of the Company are in Memphis, Tenn.