ABB has finalized the acquisition of Thomas & Betts, a North American provider of low-voltage products. As a result, the U.S. will become ABB's largest market, with about $6.6 billion in annual revenue and 19,000 employees, the company says.
According to ABB, the acquisition of Thomas & Betts advances ABB's strategy of expanding its low-voltage products division into new geographies, sectors and products.
In North America, the combination will double ABB's addressable market to approximately $24 billion. Thomas & Betts has a North American network of more than 6,000 distributor locations and wholesalers, which will provide greater access for ABB's low-voltage products, the companies say. In Europe and Asia, distribution capabilities and coverage also will be expanded.
Dominic Pileggi will remain chairman of Thomas & Betts, and Charles Treadway, who previously served as chief operating officer, will take over as CEO.
In connection with the completion of the transaction, Thomas & Betts shares have ceased trading on the New York Stock Exchange.