(Corrects paragraph 4 to say Belden's market value is about
$1.60 billion not $3.53 billion)
Nov 29 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
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)