TE Connectivity to Acquire the SEACON Group
It was announced today that SEACON has entered into an agreement with TE Connectivity for the acquisition of the SEACON group.
Patrick Simar, President and Chairman of the SEACON Board, said, “We have given careful thought about how best to position the SEACON group for a new phase of growth and are pleased to be joining forces with TE, a true industry leader. Like the SEACON group, TE has achieved tremendous success by focusing on providing the highest quality, most innovative connectivity solutions to customers across a broad range of industries and geographies. We have known TE for many years and recognize that they share our commitment to providing best-in-class solutions to our customers.”
The combination of the SEACON group’s extensive range of harsh environment electrical / fiber optic capability and TE’s cable product line, together with the power product range obtained under the Deutsch acquisition, will create the most complete solution for undersea oil and gas applications available anywhere, providing customers with a complete range of connector products.
The sale is subject to certain regulatory approvals and other closing conditions and is expected to close in the company’s current fiscal year. The company will discuss the acquisition on its next earnings call, scheduled to take place on April 23, 2014.