Belden to Acquire Smart Grid Solutions Provider GarrettCom

Belden Inc., a global enabler of signal transmission solutions for mission critical applications, signed a definitive agreement to acquire GarrettCom, a provider of advanced industrial networking products and smart grid solutions.

The acquisition is believed to enhance Belden's leadership position as an industrial networking solutions provider by adding a recognized leader in industrial grade switches, routers, converters, serial communications, and security software. Belden statement revealed that the company will fund the purchase price with cash on hand and expects the acquisition to be completed by calendar year-end 2010. Belden expects the business will be break-even on a GAAP basis in fiscal year 2011.

"Belden's strategic vision is to provide the best industrial networking solutions to our customers regardless of application or environment," said John Stroup, president and chief executive officer of Belden, in a statement. "GarrettCom provides an excellent platform for Belden to partner with power utilities as they upgrade and automate their transmission and distribution infrastructure. The addition of GarrettCom's products will complement our existing industrial networking portfolio and strengthen our position as the world's leading provider of complete industrial networking solutions.”

GarrettCom designs, manufactures, and markets industrial networking products. The Company’s products are used in applications including; power utility substations and similar smart grid operations centers, surveillance and physical security, transportation facilities, industrial and factory automation, telecommunications, water treatment, and outdoor applications.

GarrettCom's premium hardened networking products is believed to complement Belden's existing portfolio of Hirschmann brand high-availability industrial networking solutions and is said to enable Belden to address the growing needs of customers across a more diverse set of end market applications.