31.01.2007

PAT Parent sold

Hirschmann Automation and Control GmbH the company that owns PAT-Krueger the producer of Load indicating systems for cranes and access equipment has been acquired by St. Louis, Missouri based Belden CDT Inc.

Belden, a $1.35 billion data cabling and signaling devices manufacturer, paid current owner UK based Hg Capital € 200 million, plus assumed future liabilities of around €50 million, for the German based industrial Ethernet and infrastructure specialist. Hirschmann has revenues in the region of €190 million and employs 750.

Hg Capital a private equity investor with offices in London and Frankfurt, purchased Hirschmann from Rheinmetall AG in February 2004, as part of a Management Buy-Out deal for a total of €115 million. At that time it was quoted as employing 1,750 with revenues of €280 million.

HgCapital John Stroup, president and chief executive officer of Belden, said:

"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. 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. We couldn't be more excited to have Hirschmann as part of the Belden family.

"In the short run," he continued, "we see a tremendous opportunity to use Belden's global reach to accelerate Hirschmann’s revenue growth in North America and Asia. In the long run, we expect to thoughtfully integrate the capabilities of Hirschmann and Belden to create products and services for the industrial market that are preferred worldwide”.

The companies anticipate the transaction to close in approximately 45 days. Belden expects that the transaction will be accretive to 2007 earnings.