August 22, 2007 -- Thomas & Betts Corp. announced that it has signed a definitive agreement to acquire Lamson & Sessions in an all-cash transaction valued at $27.00 per share, or approximately $450 million.

Thomas & Betts has committed debt financing to fund the transaction. Subject to the satisfaction of customary closing conditions and the approval of Lamson & Sessions' shareholders, the transaction is expected to close in late 2007.

"This acquisition is a great fit with Thomas & Betts and is consistent with our strategy of expanding our portfolio of market-leading brands and leveraging our
business infrastructure to enhance our already strong relationship with distributors and end users of electrical products," comments Dominic J. Pileggi, chairman and CEO of Thomas & Betts.

Lamson & Sessions is a North American supplier of nonmetallic electrical boxes, fittings, flexible conduit and industrial PVC pipe. The company's Carlon-brand and trademarked Blue Box are among the most recognized non-metallic electrical outlet boxes in the industry, contends Thomas & Betts.

For the calendar year 2008, Thomas & Betts's preliminary assessment is that the acquisition will contribute approximately $0.5 billion to revenues and be accretive to earnings by approximately $0.15 to $0.20 per share. This estimate includes the elimination of certain public company administrative costs which should offset the amortization of acquisition-related intangible assets. Potential operational efficiencies are expected to provide additional future benefits. In addition, the company is assessing strategic options regarding the PVC pipe business.

Headquartered in Memphis, Tennessee, Thomas & Betts is a manufacturer of electrical components used in construction, industrial and utility markets. The company is also a producer of commercial heating and ventilation units and highly engineered steel structures used primarily for utility transmission. In 2006, the company reported $1.9 billion in revenues.