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Andrew agrees to acquire selected steel related assets and product lines from MTS Wireless Components for $27.5M
March 31, 2004
ORLAND PARK, Ill. -- Andrew Corporation, a global communications systems equipment supplier, has entered into a definitive agreement to acquire selected steel related assets and product lines from MTS Wireless Components LLC, in an all-stock transaction consisting of 1.65 million shares, or approximately $27.5 million.
MTS Wireless Components, based in Waterbury, CT., is a leading North American supplier of cable accessories and hardware that supports the implementation of wireless systems including antenna mounts, waveguide bridge components and other equipment support solutions. “Adding MTS’s product lines and expertise will enhance Andrew’s ability to provide a complete installation equipment offering, thereby simplifying site installation and reducing total system cost for our customers,” said John DeSana, group president Cable Products, Andrew Corporation.
The product lines being acquired have annualized revenues of approximately $30 million. The acquisition is expected to close within the next 30 days and should be accretive to earnings during the 12 months following the close of the transaction.
“Integrating our separate product lines will provide greater value-add for our combined customer base. Utilizing greater economies of scale should drive increased synergies between the businesses,” said Pete Sandore, chief executive officer of MTS Wireless. Following the close of the transaction, Mr. Sandore will serve as a business consultant to Andrew.
Andrew Corp.
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