Belden (BDC) to Divest Thermax & Raydex; Approves $200M Buyback
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Belden (NYSE: BDC) nnounced it has entered into a definitive agreement to sell its Thermax and Raydex cable businesses, serving the aerospace and defense industry, to Carlisle Companies Incorporated. Consideration will be approximately $265 million. The transaction is subject to customary closing conditions, including regulatory clearance, and is expected to close by December 31, 2012.
The Company also announced today that its board of directors approved a new share repurchase program that enables the Company to purchase up to $200 million of its common stock through open market purchases, negotiated transactions, or other means, in accordance with applicable securities laws and other restrictions. This program will be funded by cash on hand, proceeds from divestitures and free cash flow.
The Company also announced today that its board of directors approved a new share repurchase program that enables the Company to purchase up to $200 million of its common stock through open market purchases, negotiated transactions, or other means, in accordance with applicable securities laws and other restrictions. This program will be funded by cash on hand, proceeds from divestitures and free cash flow.
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