(By Balachander) Carlisle Companies Inc. (NYSE: CSL) has agreed to acquire the Thermax-Raydex cable businesses of Belden Inc. (NYSE: BDC) for $265 million.
Diversified manufacturing company Carlisle said the acquisition will strengthen its "interconnect products business in very attractive aerospace and industrial sectors."
Charlotte, North Carolina-based Carlisle expects the deal to be accretive in the first year.
The Thermax-Raydex business supplies high-performance hook-up, data and coaxial wire and cable for mission-critical applications for commercial aerospace, defense and industrial customers. Thermax-Raydex recorded annual sales of roughly $112 million.
St. Louis, Missouri-based Belden, which provides signal transmission services for mission-critical applications, said its board has authorized up to $200 million of additional stock repurchases.
"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," Belden CEO John Stroup said.
The deal is expected to be completed by December 31, 2012.
On Wednesday, CSL shares ended at $56.07 and BDC shares closed at $36.26.