CORRECTED-UPDATE 1-Belden to sell defense cable business to Carlisle for $265 mln
(Corrects paragraph 4 to say Belden's market value is about $1.60 billion not $3.53 billion)
Nov 29 (Reuters) - Cable maker Belden Inc said it will sell its Thermax and Raydex cable businesses to diversified manufacturer Carlisle Cos Inc for about $265 million, including debt, as it looks to exit the aerospace and defense markets.
Belden, which also makes cables and networking products for the broadcast and consumer electronics industries, has been unable to remain competitive offering cables as a stand-alone product to the aerospace and defense markets, company spokesman Matt Tractenberg said.
Thermax and Raydex, which have combined annual sales of about $112 million, make hook-up, data and coaxial wires and cables for commercial aerospace, defense and industrial markets.
Belden, which has a market value of about $1.60 billion, said it would use the proceeds to help fund a $200 million buyback of its common stock.
Carlisle said it expects the acquisition to close by Dec. 31 and add to earnings in 2013.
Beldin's shares, which had gained about 6 percent in value so far this year, were up 5 percent at $37.92 in morning trade on the New York Stock Exchange. Carlisle's stock was up 1 percent at $56.68. (Reporting by Tej Sapru and Sagarika Jaisinghani in Bangalore; Editing by Maju Samuel)