Belden Inc. (www.belden.com), St. Louis, a global supplier of signal transmission solutions for mission-critical applications, announced on Nov. 23 that has entered into a definitive agreement to acquireGarrettCom (www.garrettcom.com), a Fremont, Calif.-based provider of advanced industrial networking products andsmart gridsolutions. Belden said the acquisition will extend its position as an industrial networking solutions provider by adding a recognized leader in industrial grade switches, routers, converters, serial communications, and security software.
The purchase price was not disclosed, though Belden said it will fund the purchase price with cash on hand and expects the acquisition to be completed by calendar year-end 2010. Belden expects the business will be break-even on a generally accepted accounting principles (GAAP) basis in fiscal year 2011.
GarrettCom’s premium hardened networking products complements Belden’s existing portfolio of Hirschmann brand high-availabilityindustrial networkingsolutions and will enable Belden to address the growing needs of customers across a more diverse set of end-market applications. GarrettCom sells its products into power utilities, surveillance and security, transportation, specialty industrial automation, telecommunications, and similar demanding harsh-environment verticals through a network of system integrators, original equipment manufacturers (OEMs) and international distributors.
“Belden’s strategic vision is to provide the best industrial networking solutions to our customers regardless of application or environment,” said John Stroup, president and chief executive officer of Belden. “GarrettCom provides an excellent platform for Belden to partner with power utilities as they upgrade and automate their transmission and distribution infrastructure. The addition of GarrettCom’s products will complement our existing industrial networking portfolio and strengthen our position as the world’s leading provider of complete industrial networking solutions.”
Belden Inc.
www.belden.com
GarrettCom
www.garrettcom.com
