THOMAS & BETTS ACQUIRES AMERICAN ELECTRIC
THOMAS & BETTS ACQUIRES AMERICAN ELECTRIC BRIDGEWATER, N.J., Jan. 2 /PRNewswire/ -- Thomas & Betts
Corporation (NYSE: TNB) and Forstmann Little & Co. announced today that Thomas & Betts has completed its previously announced acquisition of FL Industries Holdings, Inc., known in the electrical industry as American Electric. The total consideration was paid in the form of 1,565,151 newly issued shares of Thomas & Betts common stock, representing 8.4 percent of the total shares outstanding, and $342.5 million was paid in cash, of which approximately $330.1 million was used to discharge debt of American Electric.
Thomas & Betts manufactures electrical and electronic connectors, components and systems for worldwide electrical and electronic markets. Sales in 1990 were $599 million. American Electric manufactures a broad range of electrical products which have brand name recognition with industrial, construction, utility and retail customers. Its products complement the electrical products of Thomas & Betts and are offered largely through the same electrical distributors. American Electric had 1990 sales of $456.7 million. Thomas & Betts is based in Bridgewater, N.J. and its stock is listed on the New York Stock Exchange. -0- 1/2/92 /CONTACT: Robert Berry of Thomas & Betts, 908-707-2337, or Tom Sanford of Adams & Rinehart, 212-557-0100, for Forstmann Little/ (TNB) CO: Thomas & Betts Corporation; FL Industries Holdings, Inc. ST: New Jersey IN: CPR SU: TNM FC -- NY064 -- 6268 01/02/92 16:27 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Jan 2, 1992|
|Previous Article:||ENTRIES SOUGHT FOR HANCOCK JOURNALISM COMPETITION|
|Next Article:||THOMAS H. BELL RESIGNS FROM CEO POSITION|