Electronics manufacturer TE Connectivity has reached an agreement to acquire a leading provider of utility grid components in a deal worth more than $2 billion, company officials announced.
Adding $400M in Yearly Sales
The Ireland-based connectors and sensors maker purchased New Jersey-based Richards Manufacturing Company for $2.3 billion in cash from longtime owners the Bier family and funds managed by Los Angeles investment firm Oaktree Capital Management.
TE plans to report the company as part of its “Industrial Solutions” segment and said that it expects the deal to add $400 million in sales annually. Richards’ current management will continue to lead the business, officials added.
Meeting "Strong Growth Trends”
TE officials said that Richards is a particularly important supplier of underground distribution equipment, which would allow the combined company to capitalize on “strong growth trends” in underground electrical networks in North America.
Deal to Close by Mid-Year
The acquisition is scheduled to close in the quarter ending in June 2025, subject to regulatory approval and other customary closing conditions.
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