Thomas & Betts Corp., Memphis, is back on the acquisition trail. The company announced that it has acquired UK-based Cable Management Group Ltd. (CMG). for approximately $110 million in cash.
CMG makes products and systems used to protect electrical components from fire, dust, moisture, vibration and corrosion under the Adaptaflex (metallic and non-metallic flexible conduit systems and accessories); Elkay (plastic cable glands, terminal blocks, energy management products and timers); and Kopex (conduit systems) brands.
The systems are used in rail, machine building, construction and mining industries, among others. CMG reported sales of about $44 million in the most recent fiscal year.
“CMG is a growing and profitable business with market-leading brands, a solid international presence and has an excellent financial profile,” said Dominic Pileggi, T&B's chairman and CEO, in a press statement. “CMG's diverse portfolio of cable protection systems complement T&B's existing product offering as well the portfolio of cable protection systems added when we acquired Swiss-based PMA AG earlier this year.”