Tyco spinoff TE Connectivity to buy Deutsch Group for $2.06 bn
30 Nov 2011
Swiss electronics maker TE Connectivity Ltd, formerly known as Tyco Electronics, today agreed to buy Deutsch Group SAS, a maker of heavy-duty electronic connectors, for about €1.55 billion ($2.06 billion).
The proposed acquisition will enable TE Connectivity to provide a wide range of industry-leading connectivity products in areas including industrial transportation, industrial equipment and aerospace and defense.
France-based Deutsch, owned by European investment group Wendel, makes interconnectors for defence, civil aerospace, autosport, offshore and recreational vehicles. It is a leader in technology-driven specialty areas such as hermetics, filtering, high-speed precision machining, and composites.
The company was founded in 1938 and is expected to generate revenue of about $670 million in 2011.
"The acquisition of Deutsch is a major step in executing our vision to provide the most complete range of connectivity solutions for our customers worldwide. The complementary nature of the products provided by our two companies will enable us to better serve customers in key industries, especially Industrial transportation, industrial equipment, aerospace and defense, rail, and offshore oil and gas,'' said Tom Lynch, CEO of TE.
Schaffhausen, Switzerland-based TE is a $14 billion company and the world's largest maker of electrical connections. It designs and manufactures approximately 500,000 products that connect and protect the flow of power and data inside products that is used in nearly all electronic products.