Belden said Tuesday it will buy Hirschmann Automation and Control from HgCapital, a European private equity firm, for $260 million in cash.
Hirschmann is a supplier of industrial ethernet and industrial connectivity products.
"Hirschmann has leveraged its knowledge of industrial automation into a leading position in digital communication for manufacturing and large-scale infrastructure projects," said John Stroup, president and chief executive officer of Belden. "Industrial Ethernet is an open system that allows the integration of a wide variety of equipment and provides for an interface between the industrial network and the enterprise network. The adoption of Industrial Ethernet among our customers is in early stages but is increasing rapidly because of these compelling advantages.
Hirschmann is based in Germany, and has two production locations there and three manufacturing joint ventures in China. The company posted 2006 revenue of approximately $250 million and employs 750.
The deal is expected to close in about 45 days.
