Home » Belden to acquire Hirschmann Automation and Control
Belden to acquire Hirschmann Automation and Control
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."
Hirschmann supplies complete and integrated infrastructures for companywide data communication. The product range extends from network components for Ethernet, Fast Ethernet and Gigabit Ethernet through fiber interfaces for different fieldbus systems down to electrical connectors for actuators and sensors. HAC also provides electronic control systems for load indication and load moment limitation.
"Hirschmann has leveraged its knowledge of industrial automation into a leading position in digital communication for manufacturing and large-scale infrastructure projects," Stroup continued. "Industrial Ethernet is an open system that allows the integration of a wide variety of equipment and provides for an interface between the industrial network and the enterprise network. The adoption of Industrial Ethernet among our customers is in early stages but is increasing rapidly because of these compelling advantages.
"In the short run," he continued, "we see a tremendous opportunity to use Belden's global reach to accelerate HAC'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.
"We continue to investigate opportunities that advance our presence in emerging geographies and expand our solutions beyond copper cable," he concluded.
HAC is led by Reinhard Sitzmann, chief executive officer, who will continue in that role. The company has its headquarters in Neckartenzlingen, Germany, two production locations in Germany, and three manufacturing joint ventures in China. In addition to its Industrial Ethernet and connectivity product lines, HAC has a leading position in electronic control and safety systems for cranes and other load-bearing equipment. HAC had 2006 revenues of approximately $250 million and employs 750 associates.
Mr. Sitzmann said, "HAC and Belden have highly complementary products and market positions. Belden will be able to strengthen HAC's market presence in North America and Asia. We welcome this combination with Belden and look forward to a creative and dynamic future."
Apart from the cash purchase price and as part of the consideration for the acquisition, Belden will be responsible for certain obligations, including pension liabilities, of approximately $60 million, to be funded in future years.
The companies anticipate the transaction to close in approximately 45 days. Belden expects that the transaction will be accretive to 2007 earnings.
Great Moments in Process Automation History
Take a broken soda fountain machine, a car a.c. unit, flavor mixes, water and CO2, add inventiveness; you get America’s favorite frozen drink.
Smart Grid: Independent Testing Of Rossi's E-Cat Cold Fusion Device Shows Positive Results
Forbes magazine's tech contributor Mark Gibbs writes that independent testing of Andrea Rossi's E-CAT Cold Fusion Reactor has positive results.The implications of the possible commercialization of cold fusion power sources are incredible.
Compressor Controls: Saudi Aramco Buys First GE Compressor Control Systems
Saudi Aramco has purchased advanced compressor control technology from GE for the Haradh GOSP-1 facility in Saudi Arabia's Eastern Province.
SANS Control Security Training Coming to Houston
SANS Institute will hold ICS Security Training event on June 10-15 in Houston
ISA Training Through June in Houston
Technician training, engineering survival and SIS boot camps for condensed, intense, comprehensive educational experience.
Past Time to Upgrade Your DCS?
Upgrading Your DCS: Why You May Need to Do It Sooner Than You Think
Metso Provides New Heating Solution for Finnish Utility
Finland's largest pellet-fired heating plant produces environmentally friendly energy in Tampere
NIST Releases Initial Cyber Security Framework Comment Analysis
The National Institute for Standards and Technology has released an initial analysis of the hundreds of comments by industry and the public they have received on the Obama Administration's "Improving Critical Infrastructure Cyber Security" executive order.
K-BIM Consortium Selects Siemens' Parasolid for New AEC Applications
-BIM, a consortium of commercial, academic and government organizations wants the new application suite to help create a national standard for building information management (BIM)
Friday p.m. Wrap-Up:This Week on ControlGlobal and Elsewhere
Some of the week's biggest stories in process automation
- All news »
Access the entire print issue on-line and be notified each month via e-mail when your new issue is ready for you. Subscribe today.
- Featured White Papers