Leviton Regains Unilateral Control of Family-Owned Business With $300 Million Stock Purchase
Little Neck, NY, June 24, 2008 - Leviton Manufacturing Company, Inc. announced today the purchase of a 29.1% minority interest in its stock that has been held by Thomas & Betts Corporation (NYSE:TNB) since 1994, for a cash tender of approximately $300 million.
Leviton's purchase of Thomas & Betts' minority interest in its stock secures its long-term strategic objective of the restoration of total ownership of the company to the Leviton family and continuation of its policy to remain privately held and operated.
Headquartered in Little Neck, New York, and founded in 1906, at the dawn of the electrical era, Leviton is North America's leading producer of electrical wiring devices, network solutions, energy management and lighting control products. Leviton products are used in nine out of ten homes in the US and Canada and in commercial facilities, industrial plants and OEM operations. Independent surveys consistently show Leviton is Number One in brand preference among builders, electrical contractors, architects, specifying engineers and end-users. A third-generation family business, Leviton sets the pace of progress in the industry. For more information about Leviton, visit www.leviton.com.
