Boston, MA 09/02/2014 (wallstreetpr) – Amphenol Corporation (NYSE:APH) recently announced signing a definitive accord for acquisition of Casco Automotive Group (CASCO), a unit of Cap-Con Automotive Technologies Ltd. (Cap-Con). Cap-Con is jointly owned by The Jordan Company II, L.P. managed private investment fund as well as management of Cap-Con.
Highlights of the Deal
The transaction of acquisition between Amphenol Corporation (NYSE:APH) and CASCO was signed for an amount of approximately $450 million.
The deal remains subject to customary closing adjustments along with regulatory approvals.
The deal might be finalized before the end of this year only.
Statement from Amphenol Corporation
The President and CEO of Amphenol Corporation (NYSE:APH), R. Adam Norwitt said that the company was pleased to have an alliance with Casco and added that the company shall be a part of Amphenol family.
He further stated that the wide product assortment of CASCO will be complementary to the present line of products of the company. Bridgeport, Connecticut based CASCO supplies high-engineered power, charging, data connectivity as well as sensor products across the length and breadth of the world. With annual sales of around $220 million, CASCO shall bring expansion of electronics segment for Amphenol Corporation.
Benefits of Acquisition to Amphenol Corporation
Mr. Norwitt said that Amphenol Corporation was looking forward towards experienced and trained management team of CASCO to work along. He further explained that the product offering of CASCO will help in long-term expansion opportunity of Amphenol Corporation.
Acquisition of CASCO will also help Amphenol Corporation (NYSE:APH) in delivering furthermore high-tech solutions to its customer base. The CEO indicated that the acquisition was consistent to company’s strategy and shall be accretive to the earnings per share in the first year after acquisition. Hinting the present economic scenario, the CEO hinted towards aforementioned situation.
The company is scheduled October 22, 2014 for quarterly earning call regarding discussion of Third Quarter earnings. Detailed information regarding this deal shall be offered by Amphenol Corporation in this conference call only.
