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Belden Inc To Divest Thermax And Raydex Businesses; Authorizes Up To $200 Million Of Additional Stock Repurchases

Thursday, 29 Nov 2012 07:30am EST 

Belden Inc announced that it has entered into a definitive agreement to sell Thermax and Raydex cable businesses, serving the aerospace and defense industry, to Carlisle Companies Incorporated. Consideration will be approximately $265 million. The transaction is expected to close by December 31, 2012. The Company also announced that Board of Directors approved a new share repurchase program that enables the Company to purchase up to $200 million of 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. 

Company Quote

0.25 +0.38%
12:19pm EDT