TE Connectivity spends $490M to acquire underwater connector company Sea Con Group
Switzerland-based TE Connectivity Ltd., which has engineering and administrative offices in Central Pennsylvania, has acquired a California-based underwater services firm in an all-cash deal worth $490 million.
The Sea Con Group, which serves the military marine and sub-sea sectors, expands TE’s position in connectivity solutions for harsh environments and bolsters its position in the high-growth oil and gas industry, said Tom Lynch, the company’s chairman and CEO.
“It combines their fiber optic capability, TE’s cable product line and the power connector range from our Deutsch acquisition to create a leading product offering for undersea applications,” he said. “We expect to accelerate our growth with this acquisition in this very attractive sector by leveraging TE’s scale and geographic breadth to support more customers around the world.”
Sea Con President Patrick Simar said the move better positions the company for a new phase of growth.
The sale is expected to close in TE’s current fiscal year. Its next earnings call is set for April 23.