Thomas & Betts Goes On Buying Spree

Electrical component maker buys Danaher’s Joslyn Hi-Voltage and Power Solutions businesses for $280 million, and Drilling Technical Supply SA for $20 million.

MEMPHIS, Tenn. (AP) - Thomas & Betts Corp., which makes electrical components, on Monday said it will buy the Joslyn Hi-Voltage and Power Solutions businesses from Danaher Corp. for $280 million.
 
Separately, Thomas & Betts also agreed to buy Drilling Technical Supply SA, a privately held French manufacturer of hazardous lighting and electrical controls, for about $20 million.
 
For 2007, Thomas & Betts expects the acquisitions will contribute about $70 million to revenue and have a negligible impact on earnings per share. For calendar year 2008, the company expects the acquisitions to add between 10 cents and 15 cents per share in earnings and about $175 million to $185 million in revenue.
 
Joslyn Hi-Voltage's products are used mainly by electric utilities. Power Solutions' offerings are designed to ensure a reliable flow of power to commercial and industrial customers.
 
Washington-based Danaher, which makes medical and industrial instruments, expects to report a gain on the sale of about $150 million.
 
Both deals are expected to close in the third quarter, according to Thomas & Betts.
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