TE Connectivity Ltd. (TEL), an electronics maker serving a wide range of industries, Monday announced the signing of a definitive agreement to acquire the business of China-based Xiamen Delixing Electric Equipment Co., Ltd. and Xiamen SIBAS Connectors Co., Ltd.
TE Connectivity noted that Delixing/Sibas' heavy duty connectors expand its range of solutions for harsh environment applications.
The transaction is expected to be completed in fiscal year 2015, following which the acquired business will report in to TE's Industrial Solutions segment.
Delixing/Sibas is a privately owned manufacturer of heavy duty connectors used in machinery equipment, factory automation, power management and railway applications. Delixing/Sibas, located in Xiamen City in South Fujian, China, generated revenues of $10 million in 2013. It has approximately 200 employees.
Thomas Schmidt, senior vice president and general manager, TE Industrial Equipment business unit, said, "The acquisition of Delixing/Sibas positions TE to capitalize on revenue growth opportunities by increasing our market presence in China and by strengthening our position in harsh environment connectivity solutions. Combining the capabilities and geographical reach of both TE and Delixing/Sibas will enable the company to offer its customers some of the most comprehensive products, technology and services within the industry."
TE said its latest investment in China is part of its long-term commitment to maintain its strong presence and local connectivity solutions in China.
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