Belden Buys PPC for $515.7 Million
Belden Inc. (BDC), a St. Louis-based maker of networking equipment, acquired PPC for $515.7 million to add products for broadband services.
PPC, a closely held manufacturer of connectivity technologies for Internet-service providers, will help Belden expand into new markets, according to a statement today. PPC, based in Syracuse, New York, had revenue of about $238 million in 2012, and the deal will boost earnings in 2013 by 54 cents, excluding some items, Belden said.
“PPC provides innovative products that enable our customers to profitably grow their business by delivering higher bandwidth and enhanced services, with fewer service calls,” Belden Chief Executive Office John Stroup said in the statement.
Belden also reiterated its fourth-quarter and full-year earnings forecast. The company expects annual sales to be $1.94 billion to $1.95 billion, while adjusted income from continuing operations will be $3 to $3.05 a share.
Belden rose 6.5 percent to $42.27 at the close in New York, the biggest one-day jump since Aug. 3. The shares have advanced 27 percent this year.
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