23 July 2009

Hubbell deals for FCI unit

Hubbell Inc. will purchase the electrical division of connector manufacturer FCI group.

FCI operates in 30 countries with sales of $1.77 billion (€1.25 billion) in 2008. The electrical division, known by the brand name BURNDY, brought in 12% of FCI’s total revenues for 2008.

While the division was performing for FCI, the company felt it was time to concentrate on its core competencies.

“The Electrical Division had the least synergies with the other divisions of FCI in terms of products and customers, and we think that the combination with Hubbell will enhance the value creation opportunities for the BURNDY brand,” said Pierre Vareille, chairman and chief executive of FCI group. “Moreover, thanks to this divestiture, FCI’s financial situation is more sound and stable than ever. This divestiture opens for FCI a wealth of opportunities for new developments, be it vis-à-vis our customers, our partners, or other companies that may join our group.”

Terms of the deal were not immediately available. However, the deal should close in the fourth quarter.

For related information, go to www.isa.org/productivity.