ST. LOUIS (AFX) - Belden CDT Inc. said Tuesday it agreed to buy German industrial automation and ethernet equipment supplier Hirschmann Automation and Control GmbH from European private-equity firm HgCapital for $260 million in cash.
In addition, Belden is assuming $60 million of pension liabilities and other debt, to be funded in future years.
'The acquisition of Hirschmann is a major achievement in our pursuit to expand our business in desirable end-markets, beyond cable, to signal transmission services,' said John Stroup, Belden president and CEO.
Hirschmann had 2006 revenue of about $250 million and employs 750 staffers. The company has two production locations in Germany and three manufacturing joint ventures in China.
Belden said Reinhard Sitzmann will continue as Hirschmann chief executive.
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