Electronic connecting company TE Connectivity [TEL] on Thursday said it has agreed to acquire SEACON Group for $490 million in cash, expanding its capabilities in solutions for harsh environments and strengthening its position in the oil and gas industry.
SEACON Group, which is based in California, serves the military marine and subsea sectors for remotely operated vehicles, autonomous underwater vehicles, oil and gas, environmental and oceanographic applications.
“We are excited by the addition of the SEACON Group because it combines their fiber 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,” Tom Lynch, chairman and CEO of TE, said in a statement. “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.”