Legrand to Acquire Middle Atlantic Products
Acquisition would enable a more comprehensive offering of AV infrastructure products and solutions from one company to ultimately better service the needs of the growing AV markets.
West Hartford, CT, May 23, 2011 – Legrand, North America today announced that a definitive agreement has been signed to acquire Middle Atlantic Products, Inc., a company based in New Jersey specializing in AV products and solutions for commercial, residential, security and broadcast applications. The completion of the transaction is anticipated for mid-June and is subject to the satisfaction of certain requirements, including regulatory approval.Prior to closing, Legrand and Middle Atlantic will continue to operate as separate, independent companies.
Powerful trends continue to drive market growth for integrated AV systems and supporting infrastructure. A prime example is the increasing use of audio and video in venues such as airports, schools, retail, hospitals and corporate facilities.
With this acquisition of a recognized industry leader in AV enclosure systems, Legrand would fulfill one of its key objectives to establish a leadership position in the fast growing markets for AV infrastructure products, systems and solutions. Middle Atlantic has expert knowledge of these markets and a sales relationship with more than 3,500 integrators in the US and Canada, providing a direct path for sustained product and market development.
According to Bob Schluter, founder of Middle Atlantic, "The success of our customers is our primary focus. They rely on us to constantly develop innovative products and deliver exceptional service. Legrand shares these ideals and together we share a vision to expand and grow this market. I'm excited about the possibilities and the benefits for our customers and employees alike."
Once this transaction is completed, Middle Atlantic customers would benefit from expanded product offerings, access to enhanced specification services and tools, and more complete AV infrastructure solutions. The combined offerings of the firms would include more than 5,000 AV products and services.
After closing, Middle Atlantic would operate as an independent business within Legrand and would remain focused on providing innovative products and an exceptional customer experience. Mike Baker, President of Middle Atlantic Products, would lead a new, 5th Division -Commercial AV- for Legrand in North America.
"The complementary strengths of these businesses, and the fit of the product offerings will be unmatched by any other supplier in this industry," said John Selldorff, President and Chief Executive Officer, Legrand, North America. "The combined leadership team is looking forward to making a real difference to the installation community, and the entire AV market, now and for the future."
Legrand is the global specialist in electrical and digital building infrastructures. Its comprehensive offering of solutions for use in commercial, industrial and residential markets makes it a benchmark for customers worldwide. Innovation for a steady flow of new products with high added value is a prime vector for growth. Legrand reported sales of $5.7 billion in 2010. Legrand has a strong presence in the North American market, with a portfolio of well-known product lines that include Cablofil, Electrorack, On-Q, Ortronics, Pass & Seymour, Vantage, Watt Stopper and Wiremold. The company is listed on NYSE Euronext and is a component stock of indexes including the SBF120, FTSE4Good, MSCI World, ASPI. In 2010, Legrand was added to the European DJSI as well (ISIN code FR0010307819). www.legrand.us
About Middle Atlantic Products, Inc.
Middle Atlantic Products, Inc. manufactures exceptional support and protection products to mount integrated AV systems in Residential, Commercial, Broadcast, and Security applications. All of our products are engineered to maximize system reliability and to meet the needs of installers; from thermal considerations and built-in cable management on our racks and enclosures, to pre-installed washers on our rack screws, we build in ways to save time and simplify the job. www.middleatlantic.com