Hubbell Inc. reported the signing of a definitive agreement to acquire FCI Americas, Inc. for consideration of $360 million in cash, subject to certain standard adjustments.

Burndy, headquartered in Manchester, New Hampshire, is a North American manufacturer of connectors, cable accessories and tooling serving utilities as well as commercial and industrial customers. In 2008, Burndy generated sales of approximately $225 million with operating profit margins in the high teens. Products are primarily sold through distributors, the same channel utilized by Hubbell. Sales are roughly 63% Construction & Industrial and 37% Utility while the geographic split is approximately 75% in the U.S. and 25% in Canada, Brazil and Mexico.

Burndy was founded in 1924 and their brand has a long history representing quality, reliability, innovation and customer service. In 2008, Burndy won awards as supplier of the year from WESCO International, Inc. and Border States Industries, Inc. and received Graybar Electric Company, Inc.’s award for innovation. Burndy operates 3 manufacturing facilities in the Northeastern U.S., 1 in Brazil and 1 in Mexico.

Completion of the transaction is expected to be on or around Oct. 1, subject to certain conditions including expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Hubbell is able to utilize available resources, including cash and commercial paper backed by an undrawn committed credit facility, to close the transaction. Additionally, the Company is actively evaluating available alternatives for permanent financing to best meet its capital structure objectives going forward.