|[August 29, 2014]
Amphenol Corporation to Acquire Casco Automotive Group
WALLINGFORD, Conn. --(Business Wire)--
Amphenol (News - Alert) Corporation (NYSE:APH) announced today that it has entered into
a definitive agreement to acquire the Casco Automotive Group (CASCO), a
division of Cap-Con Automotive Technologies Ltd. (Cap-Con) for
approximately $450 million (subject to customary closing adjustments).
Cap-Con is owned by a private investment fund managed by The Jordan
Company II, L.P. and Cap-Con management. The sale is subject to certain
regulatory approvals and other customary closing conditions and is
expected to close prior to year end.
Casco, headquartered in Bridgeport, Connecticut, is a supplier of highly
engineered data connectivity, power, charging and sensor products to the
worldwide automotive market, with annual sales of approximately $220
million. Casco has facilities in the Americas, Europe and Asia and
employs approximately 1,300 people worldwide.
"We are extremely pleased to announce this agreement to add Casco to the
Amphenol family," said R. Adam Norwitt, Amphenol's President and CEO.
"We believe that Casco's product offerings are uniquely complementary to
our existing offering and represent a significant long-termexpansion
opportunity driven by the expansion of electronics across a broad set of
applications in the automotive market. We look forward to working in
partnership with Casco's experienced management team to deliver
additional high technology solutions to our customers."
"Consistent with our acquisition strategy and assuming a continuation of
current economic conditions, we expect the Casco acquisition to be
accretive to earnings per share in the first year post acquisition."
Amphenol will provide further information regarding the acquisition at
its regularly scheduled quarterly earnings call to discuss Third Quarter
earnings scheduled for October 22, 2014.
Amphenol Corporation is one of the world's largest designers,
manufacturers and marketers of electrical, electronic and fiber optic
connectors, interconnect systems, antennas and coaxial and high-speed
specialty cable. Amphenol designs, manufactures and assembles its
products at facilities in the Americas, Europe, Asia, Australia and
Africa and sells its products through its own global sales force,
independent representatives and a global network of electronics
distributors. Amphenol has a diversified presence as a leader in high
growth areas of the interconnect market including: Automotive, Broadband
Communications, Commercial Aerospace, Industrial, Information Technology
and Data Communications (News - Alert), Military, Mobile Devices and Mobile Networks.
Statements in this press release which are other than historical facts
are intended to be "forward-looking statements" within the meaning of
the Securities Exchange Act of 1934, the Private Securities Litigation
Reform Act of 1995 and other related laws. While the Company believes
such statements are reasonable, the actual results and effects could
differ materially from those currently anticipated. Please refer to Part
I, Item 1A of the Company's Form 10-K for the year ended December 31,
2013, for some factors that could cause the actual results to differ
from estimates. In providing forward-looking statements, the Company is
not undertaking any duty or obligation to update these statements
publicly as a result of new information, future events or otherwise.
[ Back To Technology News's Homepage ]