TE Connectivity has signed an agreement to acquire the Seacon group, a provider of underwater connector technology and systems, for $490 million.
The Seacon group serves the military marine and sub-sea sectors for remotely operated vehicles and autonomous underwater vehicles, as well as oil and gas, environmental, and oceanographic applications.
'The acquisition of the Seacon group expands TE's position as a leader in connectivity solutions for harsh environments and significantly strengthens our position in the high-growth oil and gas industry,' said Tom Lynch, TE Connectivity Chairman and CEO.
'We are excited by the addition of the Seacon group because it combines their fibre optic capability, TE's cable product line and the power connector range from our Deutsch acquisition to create a leading product offering for undersea applications. We expect to accelerate our growth with this acquisition in this very attractive sector by leveraging TE's scale and geographic breadth to support more customers around the world.'