Electronics Production | January 31, 2007
Belden acquires HAC
Belden has entered into a definitive agreement to purchase Hirschmann Automation and Control GmbH (HAC) from HgCapital.
HgCapital is a European private equity investor. The deal is carried out through a cash purchase price of approximately $260 million. HAC is a supplier of Industrial Ethernet solutions and industrial connectivity. HAC is led by Reinhard Sitzmann, chief executive officer, who will continue in that role. The company has its headquarters in Neckartenzlingen, Germany, two production locations in Germany, and three manufacturing joint ventures in China. In addition to its Industrial Ethernet and connectivity product lines, HAC had 2006 revenues of approximately $250 million and employs 750 associates. The companies anticipate the transaction to close in approximately 45 days. Belden expects that the transaction will be accretive to 2007 earnings.