Hexatronic to acquire Rochester Cable from TE Connectivity
Swedish connectivity specialist Hexatronic has signed a binding asset purchase agreement to acquire all business activities of Rochester Cable from TE Connectivity (TE)
Rochester Cable is, according to a company press release, described as "one of the main designers and manufacturers of harsh environment electro-optical cables in the USA". The cables are highly engineered to meet specific requirements in demanding industries such as oil and gas, sensing, defense, oceanographic, and subsea applications.
The agreement broadens Hexatronic’s offering within fiber optic submarine communication cables to include dynamic working cables that can transmit electrical signals and power in addition to transmitting optical signals. The electro-optical cables can accommodate extreme water depths to 6,000 meters and connect a variety of sensors, equipment, and remotely operated vehicles.
“We are happy to have reached an agreement with TE Connectivity to acquire the business activities of Rochester Cable. Rochester Cable is uniquely positioned with its know-how and application expertise, which has been developed as a market leader for decades. The highly skilled team has developed a truly differentiated offering and long-term partnerships with its customers. Hexatronic has been a supplier of fiber optic submarine communication cables since the 1990s. Combining the know-how, geographical footprint, and product portfolio of Rochester Cable in the U.S. and Hexatronic submarine business in Sweden provides exciting opportunities for the future,” says Henrik Larsson Lyon, CEO of Hexatronic Group, in the press release.
Rochester Cable is powered by 130 employees today in Culpeper, Virginia. In the 40,000 square meters production site, Rochester Cable manufactures armored electro-optical working cables.
The acquired business includes the land and buildings of the production sites and office buildings. Product sales are mainly in the U.S. but also in the EMEA and APAC regions.
Hexatronic will acquire the company from TE Connectivity for an enterprise value of USD 55 million. Completion of the transaction is subject to regulatory approvals and is expected no later than March 31, 2023.