HgCapital acquired Hirschmann Group, based in Neckartenzlingen (Germany), in February 2004 for EUR 115 million as part of a management buy-out. Since then, the company was split into two: Hirschmann Automation and Control GmbH and Hirschmann Car Communication GmbH, each with their own autonomous operations.
In 2006, Hirschmann Automation and Control booked sales of around EUR 190m and employs 750 people.
US company Belden, makes and markets signals transmission products – such as special-purpose cables – for data networking and entertainment, industrial, security and aerospace specialty electronics markets. The company has production facilities in North America and Europe as well as distribution hubs in the US, Canada, Singapore, Australia and the Netherlands. In 2005, Belden reported sales of about USD 1.35bn. The company employs more than 5,000 staff worldwide.
Following the acquisition, HAC will continue to be run by the current managing director, Reinhard Sitzmann.
John Stroup, President and Chief Executive Officer of Belden, said: “Hirschmann Automation and Control has a strong brand and with its product range complements and expands our own product lines. Thanks to the combination of Hirschmann’s strengths in the field of Industrial Ethernet as well as connector techology and our expertise in signals transmission we will in the future be able to offer our clients integrated industrial network solutions.”
Reinhard Sitzmann, Managing Director of Hirschmann Automation and Control, said: “We look forward to working with Belden. The two businesses complement each other not only in terms of products, but also geographically, as each has its own regional strengths. We now have a major opportunity to significantly strengthen our business in the United States and Asia while Belden will be able to expand its presence in Europe.”
