Swedish-Swiss power equipment maker ABB Ltd (ABB) announced that it has completed its acquisition of Thomas & Betts Corp(TNB). The acquisition of Thomas & Betts advances ABB's strategy of expanding its Low Voltage Products division into new geographies, sectors and products.
In North America, the combination will double ABB's addressable market to approximately $24 billion. Thomas & Betts' has a North-American network of more than 6,000 distributor locations and wholesalers which will provide greater access for ABB low voltage products.
ABB announced the deal in January and said that Dominic Pileggi will remain as Chairman of Thomas & Betts and Charles Treadway, previously Chief Operating Officer, will take over from him as CEO.
In connection with the completion of the transaction, Thomas & Betts shares have
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