TE Connectivity and ABB have enter into exclusive negotiations over the transfer of ABB’s terminal block business, which is a part of its electrification products division.
The transaction between power control systems manufacturer TE Connectivity and power and electrical firm ABB is subject to the satisfaction of certain conditions before it is approved. The acquisition is expected to be completed in mid-2018.
ABB’s terminal block business was founded in 1920, has sites in France and Poland and serves customers in more than 70 countries.
TE Connectivity said that adding ABB’s terminal block offering to its portfolio of products will enable the company to offer a complete system for power, signal and data connectivity.
Lars Brickenkamp is the general manager of TE Connectivity’s industrial business unit. He said the acquisition will offer the company new growth opportunities and help boost innovation.
He added: “It represents an important step in TE’s ability to offer its customers a broader and more complete product platform to help them to reduce complexity and drive innovation.
“Closeness to customers will be a key driver for customer satisfaction in our new organisation and once final, we will work with ABB to ensure a smooth transition of the business.”