Belden Enters Into Definitive Agreement to Divest Thermax and Raydex Businesses and Authorizes up to $200 Million of Additional Stock Repurchases
ST. LOUIS --(Business Wire)--
Belden Inc. (NYSE: BDC), a global leader in signal transmission solutions for mission-critical applications, today announced it has entered into a definitive agreement to sell its Thermax and Raydex cable businesses, serving the aerospace and defense industry, to Carlisle Companies Incorporated. Consideration will be approximately $265 million. The transaction is subject to customary closing conditions, including regulatory clearance, and is expected to close by December 31, 2012.
"I'm pleased to announce this agreement with Carlisle. As evidenced by the value of the transaction and the performance of these businesses, they are tremendous assets that will be right at home with a great company. We believe this transaction is in the best interest of shareholders as we further transform our portfolio. Detailed financial information, including the expected impact to Belden's 2013 results, will be provided at our investor day on December 11, 2012," said John Stroup, Belden's President and CEO.
The Company also announced today that its board of directors approved a new share repurchase program that enables the Company to purchase up to $200 million of its common stock through open market purchases, negotiated transactions, or other means, in accordance with applicable securities laws and other restrictions. This program will be funded by cash on hand, proceeds from divestitures and free cash flow.
Mr. Stroup added, "The Company's strong balance sheet, liquidity position and ability to generate significant free cash flow provide Belden with the opportunity to purchase our equity at an attractive price."
Forward Looking Statements
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