Thomas & Betts Acquires JT Packard
Leading Independent Service Provider for Critical Power Equipment MEMPHIS, Tenn. – Jan. 20, 2010 – Thomas & Betts Corporation (NYSE:TNB) announced today that it has agreed to acquire the net assets of JT Packard & Associates, Inc. the nation’s largest independent service provider for critical power equipment used by industrial and commercial enterprises in a broad array of markets, for an estimated net purchase price of $22 million. The transaction is expected to close on January 26, 2010. In 2009, JT Packard sales were approximately $60 million. “Power protection is a growing and vital service that cuts across markets and JT Packard is one of the industry’s leaders with a diverse and broad blue chip customer base and a strong team of skilled field technicians serving 25% of the Fortune 500 companies,” said Dominic J. Pileggi, chairman and chief executive officer. “Combining JT Packard with our Power Solutions business will expand our service capabilities while offering pull-through sales opportunities for our broad industrial and commercial products portfolio.” Based in Madison, Wisc., JT Packard’s core business is preventative maintenance and emergency service for UPS (uninterruptible power supplies), PDU (power distribution units), DC plant and static switches used to ensure a consistent and high-quality flow of power to data centers in a wide variety of industrial and commercial market segments. Thomas & Betts Corporation (www.tnb.com) is a leading designer and manufacturer of electrical components used in industrial, commercial and utility markets. The company is also a leading producer of commercial heating and ventilation units and highly engineered steel structures used for utility transmission. Headquartered in Memphis, Tenn., the company has manufacturing, distribution and office facilities worldwide.