U.S. based data cabling and signaling devices manufacturer Belden CDT Inc. has bought German industrial Ethernet and infrastructure specialist Hirschmann Automation and Control GmbH (HAC) for 200 million ($260 million).
According to Belden , Hirschmann Automation and Control (Neckartenzlingen, Germany) achieved sales of 192 million in 2006. The company was owned by private equity investor Hg Capital which in turn had acquired the former German networking and RF concern Hirschmann in 2004 for 115 million.
Since that time, Hirschmann group underwent major restructuring efforts including focusing R&D investments to innovative products, and separating the group into two independent companies - Hirschmann Car Communication GmbH and Hirschmann Automation and Control GmbH, with the latter one being acquired now by Belden.
According to media reports here, Siemens was also bidding for the company. Siemens, however, denies any interest.
Belden CEO John Stroup called the acquisition a major achievement in the company's pursuit to expand its business in 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", Stroup said. With the company acquired, Belden hopes to strengthen Belden's position in the industrial equipment world market.
HAC is led by CEO Reinhard Sitzmann who will continue in that role. Besides its headquarters in Neckartenzlingen, the company runs two production locations in Germany and is involved in three manufacturing joint ventures in China.