St. Louis, January 11, 2011 — Belden Inc., a signal transmission solutions company, entered into a definitive agreement to acquire GarrettCom, a provider of advanced industrial networking products and smart grid solutions.
The acquisition expands Belden's expertise by adding GarretCom’s knowledge of industrial grade switches, routers, converters, serial communications and security software.
GarrettCom’s hardened networking products complements Belden’s existing portfolio of Hirschmann brand high-availability industrial networking solutions and will enable Belden to address the growing needs of customers across a more diverse set of end market applications.
GarrettCom sells its products into power utilities, surveillance and security, transportation, specialty industrial automation, telecommunications and similar demanding harsh-environment verticals through a network of system integrators, OEMs and international distributors.
“Belden's strategic vision is to provide the best industrial networking solutions to our customers regardless of application or environment,” said John Stroup, president and CEO of Belden. “GarrettCom provides an excellent platform for Belden to partner with power utilities as they upgrade and automate their transmission and distribution infrastructure. The addition of Garrettcom’s products will complement our existing industrial networking portfolio and strengthen our position as the world's leading provider of complete industrial networking solutions.”
Belden will fund the purchase price with cash on hand and expects the acquisition to be completed by calendar year-end 2010. Belden expects the business will be break-even on a GAAP basis in fiscal year 2011.