Belden to Acquire Industrial Networking Technology Leader GarrettCom
Belden Inc. has entered into a definitive agreement to acquire GarrettCom, a provider of advanced industrial networking products and smart grid solutions. The acquisition extends Belden’s position as an industrial networking solutions provider by adding a recognized leader in industrial grade switches, routers, converters, serial communications, and security software.
GarrettCom’s premium hardened networking products complements Belden’s existing portfolio of Hirschmann® brand high-availability industrial networking solutions and will enable Belden to address the growing needs of customers across a more diverse set of end market applications. GarrettCom sells its products into power utilities, surveillance and security, transportation, specialty industrial automation, telecommunications, and similar demanding harsh-environment verticals through a network of system integrators, OEMs, and international distributors.
"Belden’s strategic vision is to provide the best industrial networking solutions to our customers regardless of application or environment," said John Stroup, President and Chief Executive Officer of Belden. "GarrettCom provides an excellent platform for Belden to partner with power utilities as they upgrade and automate their transmission and distribution infrastructure. The addition of GarrettCom’s products will complement our existing industrial networking portfolio and strengthen our position as the world’s leading provider of complete industrial networking solutions."
Belden will fund the purchase price with cash on hand and expects the acquisition to be completed by calendar year-end 2010. Belden expects the business will be break-even on a GAAP basis in fiscal year 2011.