In a move to expand its offerings in the European, Middle Eastern and Asian markets, Thomas & Betts Corp., Memphis, Tenn., agreed to acquire PMA AG, Zurich, Switzerland, a privately held European manufacturer of cable protection systems, for €85 million (approximately $120 million). The acquisition is expected to close within 60 days. PMA reported sales of approximately €33 million (approximately $45 million) in 2009.
PMA manufactures polyamide resin-based flexible conduit and fittings used in a broad variety of industrial applications to protect energy and data cables from external forces such as vibration, heat, fire, cold and tensile stress. PMA is a active in cable protection systems for the rail car manufacturing and machine building industries and has a growing presence in mining and infrastructure projects.