Thomas & Betts Corp. (Memphis, Tennessee, U.S.) has signed definitive agreements to acquire Joslyn Hi-Voltage and Power Solutions from Danaher Corp. for US$280 million, as well as Drilling Technical Supply SA (DTS), a privately held French manufacturer of hazardous lighting and electrical controls, for approximately $20 million. Both transactions are expected to be funded from available cash resources. Subject to the satisfaction of certain customary closing conditions, the transactions are expected to close in the third quarter of 2007.
For 2007, management's preliminary assessment is that the acquisitions will contribute approximately $70 million to revenues and have a negligible net impact on earnings per share due to the amortization of acquisition-related intangible assets.
For the 2008 calendar year, the company expects the combined acquisitions to contribute approximately $175 to $185 million in revenue.