Zurich, Switzerland-based ABB Group, a power and automation technologies company, announced Monday that it will be purchasing Memphis, Tennessee-based Thomas & Betts Corporation for US$3.9 billion. Thomas & Betts Corporation specializes in the manufacture of electrical connectors and steel structures. ABB will purchase Thomas & Betts for US$72 a share in cash--24 percent above the closing price for Thomas & Betts on January 27.
ABB is one of Switzerland's largest industrial companies and has already made another large purchase this year when it bought out the shares of Fort Smith, Arkansas-based Baldor Electric for US$3.1 billion.