ABB Completes Acquisition Of Thomas & Betts
Power and automation technology group ABB Ltd. has completed its previously announced acquisition of Thomas & Betts Corp., a maker of low-voltage products. The acquisition advances ABB's strategy of expanding its Low Voltage Products division into new geographies, sectors and products.
With more than 6,000 distributor locations and wholesalers, the Thomas & Betts acquisition increases ABB's North American market to approximately $24 billion. In Europe and Asia, distribution capabilities and coverage will be expanded through ABB's established channels.
Dominic Pileggi will remain as chairman of Thomas & Betts and Charles Treadway, previously COO, will take over from him as CEO. Headquarters are in Memphis, Tenn. In connection with the completion of the transaction, Thomas & Betts shares have ceased trading on the New York Stock Exchange.
For more information, visit http://www.abb.com.