Electrical deal

Thomas & Betts has signed an agreement to acquire Lamson & Sessions for $450m.

US electrical components manufacturer Thomas & Betts has signed a definitive agreement to acquire Lamson & Sessions in an all-cash transaction valued at $27.00 per share or approximately $450m.

Lamson & Sessions is a well-known, leading North American supplier of non-metallic electrical boxes, fittings, flexible conduit and industrial PVC pipe.

Thomas & Betts has committed debt financing to fund the transaction. Subject to the satisfaction of customary closing conditions and the approval of Lamson & Sessions’ shareholders, the deal is expected to close in late 2007.

For the calendar year 2008, Thomas & Betts’s preliminary assessment is that the
acquisition will contribute approximately $0.5bn to revenues and be accretive to earnings by approximately $0.15 to $0.20 per share.

With headquarters in Memphis, Tennessee, Thomas & Betts has manufacturing, distribution and office facilities worldwide. In 2006, the company reported $1.9bn in revenues.