Belden to acquire Hirschmann Automation
February 12, 2007
In an effort to expand its products and services offering, Belden has agreed to purchase Hirschmann Automation and Control (HAC) GmbH from HgCapital, a European private equity investor. The deal is valued at approximately $260 million in cash.
John Stroup, president and CEO of Belden, said the move is part of the company initiative to expand the business beyond traditional cable products, to signal transmission solutions.
HAC is a supplier of Ethernet-based digital communication systems for manufacturing and large-scale infrastructure projects. CEO Reinhard Sitzmann, who will continue in that role, leads the company. HAC is headquartered in Neckartenzlingen, Germany, with two production locations in Germany and three manufacturing joint ventures in China.
HAC's Industrial Ethernet system allows the integration of a wide variety of equipment and provides for an interface between the industrial network and the enterprise network. The companies anticipate the transaction to close in approximately 45 days.
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