Belden said it will purchase HAC, together with certain affiliates, from HgCapital, a European private equity investor, for about $260 million in cash.
“The acquisition of Hirschmann is a major achievement in our pursuit to expand our business in desirable end-markets, beyond cable, to signal transmission solutions,” said John Stroup, president and chief executive officer of Belden. “In addition to having a broad portfolio of connectors for the industrial market, Hirschmann is the undisputed leader in the application of industrial Ethernet solutions.”
According to a fact sheet posted on the Belden Web site, Hirschmann has the leading global market share in rail-mounted Industrial Ethernet devices, as well as a strong position in industrial connectivity within the European market. HAC had revenues in 2006 of approximately $250 million. Belden had revenues of $1.35 billion in 2005, and reported revenues of $1.12 billion through the first three quarters of 2006.
HAC headquarters are in Neckartenzlingen, Germany. The company has two production locations in Germany, and three manufacturing joint ventures in China. HAC is led by Reinhard Sitzmann, chief executive officer, who will continue in that role.