ORANGE, CT., Sept. 24, 2008 -- Hubbell Incorporated (NYSE: HUBA, HUBB) today announced that it has acquired USCO Power Equipment Corporation, CDR Systems Corp. and ElectroComposites Inc. Financial terms were not disclosed.
Founded in 1946, USCO Power Equipment Corporation, based in Leeds, Ala., has been serving the needs of the electric utility industry by providing high quality transmission line and substation disconnect switches and accessories. Available products cover voltage ratings from 15 through 500 kV and current ratings from 600 to 5500 amperes. The strong management team and engineering talent have built USCO into a recognized leader in the marketplace for ANSI/IEEE standards-based equipment.
Started in 1970, CDR Systems Corp., based in Ormond Beach, Fla., with multiple facilities throughout North America, manufactures polymer concrete and fiberglass enclosures serving a variety of end markets, including electric, gas and water utilities, cable television and telecommunications industries. CDR brands include Electrimoldâ„¢, Hot Box® and Comcore®.
ElectroComposites Inc., based in Quebec, Canada, manufactures a high-voltage condenser bushing housed in composite materials. ElectroComposites offers a unique solid cast bushings line that meets North American and international standards. The composite products are a natural complement to Hubbell's porcelain line.
Following completion of these transactions, USCO, CDR and ElectroComposites will join Hubbell's Power segment, a designer and manufacturer of products serving the utility industry. The product range includes electrical transmission and distribution products as well as construction materials, which are sold under an array of brand names.
With the synergies and resources available from this Hubbell platform, the USCO, CDR and ElectroComposites brands will be well-positioned for the foreseeable future to provide materials for the increased infrastructure required by the power industry and the alternative utility markets.
“USCO, CDR and ElectroComposites are an outstanding fit with Hubbell's Power business” said Timothy H. Powers, Chairman, President and Chief Executive Officer of Hubbell Incorporated. “They offer well recognized brands consistent with Hubbell's reputation for quality products. The product lines extend our business in the Power segment to more fully service our customer base, both domestically and internationally, and will generate growth in this attractive segment.”
About Hubbell Inc.
Hubbell Incorporated is an international manufacturer of quality electrical and electronic products for a broad range of non-residential and residential construction, industrial and utility applications. With 2007 revenues of $2.5 billion, Hubbell Incorporated operates manufacturing facilities in the U.S., Canada, Puerto Rico, Mexico, Italy, Switzerland, Brazil, Australia and the United Kingdom, participates in joint ventures in Taiwan and the People's Republic of China, and maintains sales offices in Singapore, Hong Kong, South Korea, the People's Republic of China, Mexico, and the Middle East. The corporate headquarters is located in Orange, CT.
Hubbell Incorporated
Contact:
William R. Sperry
584 Derby-Milford Road
P. O. Box 549
Orange, CT 06477
Phone: 203-799-4293
