Belden Closes Acquisition of LTK Wiring
Hong Kong based electronic cable company will be Belden's platform for growth in Asia
ST. LOUIS, March 27 / -- Belden (NYSE:BDC), a leading provider of signal transmission solutions for data networking and electronics, has completed the acquisition of LTK Wiring Co. Ltd., a Hong Kong company, for a cash purchase price of approximately $195 million. LTK Wiring is one of the largest manufacturers of electronic cable for the China market, with 2006 revenues of approximately $220 million. LTK has three manufacturing plants in China -- in Huizhou, Shanghai and Dalian -- and employs about 2,000 associates.
"The addition of LTK Wiring to Belden gives us a strong presence in China among OEM customers, including consumer electronics manufacturers, and our new LTK associates bring capabilities in design, sourcing, logistics, manufacturing, sales and customer service that will accelerate Belden's penetration of the fast-growing China market and improve our position throughout Asia," said John Stroup, President and Chief Executive Officer of Belden. "Our priorities now are to foster continuing growth and success of the LTK brand in its served markets and to begin localizing production of Belden products in China. We will then explore commercial synergies, both to expand the reach of LTK's products worldwide and to better penetrate Belden's traditional vertical markets in China such as industrial automation, broadcast, data networking and building automation."
The integration team for LTK, which reports to Mr. Stroup, is co-chaired by Naresh Kumra, Belden's President, Asia Pacific Operations, and Simon T.Y. Cua, Managing Director, LTK. "Integration planning for LTK began months ago, with teams addressing manufacturing, financial reporting, information technology and human resources," said Mr. Stroup. "We will manage the integration of acquisitions with the same disciplined approach as the rest of our strategy deployment process," he concluded.
About Belden
Belden is a leader in the design, manufacture, and marketing of signal transmission products for data networking and a wide range of specialty electronics markets including entertainment, industrial, security and aerospace applications. To obtain additional information contact Investor Relations at 314-854-8054, or visit our website at www.belden.com/ .
About LTK Wiring
For additional information about LTK Wiring, please see www.ltkcable.com/ . LTK Wiring Co. Ltd. was sold by LTK Industries Limited, a Hong Kong company owned by GP Industries Ltd. of Singapore and private investors.
As the trade name "LTK" is a constituent part of the assets acquired, LTK Industries, the former parent, will change its name to LINKZ Industries Limited. For more information, see www.linkzindustries.com/ .
Source: Belden
CONTACT:Dee Johnson, Belden, +1-314-854-8054
Web site: www.belden.com/
http://www.ltkcable.com/
