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Amphenol has reached an agreement to acquire the Connection Systems division of Teradyne for approximately $390 million in cash
October 10, 2005
WALLINGFORD, Conn. -- Amphenol Corporation (NYSE-APH) announced today that it has reached an agreement to acquire the Connection Systems division of Teradyne, Inc. (NYSE-TER) for approximately $390 million in cash (subject to a post closing working capital adjustment). The sale is subject to regulatory approval and customary closing conditions and is expected to close in the fourth quarter.
Teradyne Connection Systems (TCS), headquartered in Nashua, New Hampshire, is a leading supplier of high-speed, high-density, printed circuit board interconnect products. TCS has annual sales of approximately $380 million and sells its products primarily to the data communications, storage and server markets, wireless infrastructure markets and industrial markets. TCS has facilities in North America, Europe and Asia and employs approximately 2,250 people worldwide.
"We are extremely pleased to add TCS to the Amphenol family," said Martin H. Loeffler, Amphenol's Chairman and CEO. "TCS has enormous technological capabilities and is the leader in the development of high-speed, high-density board level interconnect products. The addition of TCS is entirely complementary to Amphenol's product offering and will significantly enhance our already strong position in the communication and information technology markets. We will now provide a complete and integrated interconnect solution to these markets, similar to what we have successfully achieved in other markets. In addition, we are excited about the possibilities created by the combination of Amphenol's strong operating discipline and TCS's industry leading technology, and we look forward to working in partnership with TCS's experienced management team. We plan to finance the acquisition through an increase in our revolving credit facility. Consistent with our acquisition strategy and assuming a continuation of current economic conditions, we expect the TCS acquisition to be accretive to earnings per share in the first year post acquisition."
Amphenol Corp.
Teradyne Inc.
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