Belden has entered into a definitive agreement to purchase Hirschmann Automation and Control GmbH (HAC) together wi...
January 30, 2007
Belden has entered into a definitive agreement to purchase Hirschmann Automation and Control GmbH (HAC) together with certain affiliates from HgCapital, a European private equity investor, for a cash purchase price of approximately US$260 million.
HAC is a supplier of Industrial Ethernet and industrial connectivity products.
John Stroup, president and CEO of Belden, described the acquisition as a major achievement “in our pursuit to expand our business in desirable end-markets, beyond cable, to signal transmission solutions.
“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.”
HAC is led by CEO Reinhard Sitzmann, who will continue in that role.
In addition to its Industrial Ethernet and connectivity product lines, HAC has a leading position in electronic control and safety systems for cranes and other load-bearing equipment.
The company, which is headquartered in Neckartenzlingen, Germany, had revenues last year of US$250 million.