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Press Release
Acquisition of Connection Systems
Division of Teradyne, Inc. Reported by Amphenol Corporation
WALLINGFORD, Conn.--(BUSINESS WIRE)--Oct. 10, 2005--Amphenol
Corporation (NYSE-APH) announced today that it has reached
an agreement to acquire the Connection Systems division of
Teradyne, Inc. (NYSE-TER) for approximately $390 million in
cash (subject to a post closing working capital adjustment).
The sale is subject to regulatory approval and customary closing
conditions and is expected to close in the fourth quarter.
Teradyne Connection Systems (TCS), headquartered in Nashua,
New Hampshire, is a leading supplier of high-speed, high-density,
printed circuit board interconnect products. TCS has annual
sales of approximately $380 million and sells its products
primarily to the data communications, storage and server markets,
wireless infrastructure markets and industrial markets. TCS
has facilities in North America, Europe and Asia and employs
approximately 2,250 people worldwide.
"We are extremely pleased to add TCS to the Amphenol
family," said Martin H. Loeffler, Amphenol's Chairman
and CEO. "TCS has enormous technological capabilities
and is the leader in the development of high-speed, high-density
board level interconnect products. The addition of TCS is
entirely complementary to Amphenol's product offering and
will significantly enhance our already strong position in
the communication and information technology markets. We will
now provide a complete and integrated interconnect solution
to these markets, similar to what we have successfully achieved
in other markets. In addition, we are excited about the possibilities
created by the combination of Amphenol's strong operating
discipline and TCS's industry leading technology, and we look
forward to working in partnership with TCS's experienced management
team. We plan to finance the acquisition through an increase
in our revolving credit facility. Consistent with our acquisition
strategy and assuming a continuation of current economic conditions,
we expect the TCS acquisition to be accretive to earnings
per share in the first year post acquisition."
The Company will host a conference call to discuss this acquisition
at 1:00 PM (ET) October 10, 2005. The toll free dial-in number
to participate in this call is 888-395-9624; International
dial-in number 517-623-4547; Passcode: Reardon. There will
be a replay available until 5:00 PM (ET) on Wednesday, October
12, 2005. If you are unable to participate on the call the
replay numbers are as follows: the toll free dial-in number
is 866-346-2430 and International dial-in replay number is
203-369-0007.
A live broadcast as well as a replay will also be available
on the Internet at http://www.amphenol.com/index.cfm/fuseaction/financial.webcasts.
Amphenol Corporation is one of the world's leading producers
of electronic and fiber optic connectors, cable and interconnect
systems. Amphenol products are engineered and manufactured
in the Americas, Europe and Asia and sold by a worldwide sales
and marketing organization. The primary end markets for the
Company's products are communication systems for the converging
technologies of voice, video and data communications, industrial/automotive
and military/aerospace applications.
Statements in this press release which are other than historical
facts are intended to be "forward-looking statements"
within the meaning of the Securities Exchange Act of 1934,
the Private Securities Litigation Reform Act of 1995 and other
related laws. While the Company believes such statements are
reasonable, the actual results and effects could differ materially
from those currently anticipated. Please refer to Part I,
Item 1 of the Company's Form 10-K for the year ended December
31, 2004, for some factors that could cause the actual results
to differ from estimates. In providing forward-looking statements,
the Company is not undertaking any duty or obligation to update
these statements publicly as a result of new information,
future events or otherwise.
Amphenol Corporation Contact:
Diana G. Reardon,
Tel: 203.265.8630
Amphenol TCS Media Contact:
Catherine Palmer
Teradyne Connection Systems
Tel: 603.879.3600
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