The Legrand Group announced today it has signed an agreement to acquire ICM Group of Montbard, France, the marketer...
December 13, 2005
The Legrand Group announced today it has signed an agreement to acquire ICM Group of Montbard, France, the marketer of Cablofil welded wire cable trays.
ICM Group, which had net sales of about US$118 million in 2004, has had an annual growth rate of 14% for the last eight years with approximately 60% of revenue now generated internationally.
It has close to 500 employees and operates six manufacturing plants in Europe and the U.S.
“The cable management segment of the market is growing rapidly,” said Tim Place, president of Cablofil. “This is a unique opportunity for our customers as well as our employees.”
Cablofil provides support and protection to power and communication cables in both commercial and industrial buildings.
While there is some product overlap between Cablofil and Wiremold/Legrand, the two said in a statement that neither company anticipates significant problems or customer concerns with the acquisition.
The purchase is subject to approval by French regulatory agencies.