With official approvals obtained on both sides of the
Atlantic Ocean, ABB Ltd. now is the owner of Thomas & Betts. According to
the official story, the acquisition is, at least in part, about distribution.
“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…which will
provide greater access for ABB low voltage products. In Europe and Asia,
distribution capabilities and coverage will be expanded through ABB’s
well-established channels.”
According to the company, Dominic Pileggi will remain chairman
of Thomas & Betts. Charles Treadway, who previously served as COO will take
over for Pileggi as CEO.
For ABB, the United States is now is its largest market—with
an estimated $6.6 billion in annual sales and 19,000 employees.
According to ABB CEO Joe Hogan, “Within the past three
years, we have invested over $11 billion in North America to become a leading
player for power and automation technologies in the region.”