TE Connectivity completes acquisition of Richards Manufacturing

Rhea-AI Summary

TE Connectivity (NYSE: TEL) has completed its acquisition of Richards Manufacturing Co., a North American leader in utility grid products and underground distribution equipment. The strategic acquisition positions TE to leverage the ongoing grid replacement and upgrade cycle in North America, enhancing its global leadership in serving utilities and energy customers.

The Richards management team will continue to operate the acquired business, ensuring operational continuity during the integration process with TE.

Positive

• Strategic expansion into North American utility grid market
• Strengthens TEL's global leadership in utilities sector
• Retention of experienced Richards management team ensures business continuity

Negative

• None.

GALWAY, Ireland, April 1, 2025 /PRNewswire/ -- TE Connectivity plc (NYSE: TEL), a world leader in connectors and sensors, completed the previously announced acquisition of Richards Manufacturing Co.

Richards is a North American leader in utility grid products, including underground distribution equipment. The acquisition will enable TE to capitalize on the region's grid replacement and upgrade cycle, strengthening its leadership in serving utilities and other energy customers around the world.

The acquired business will continue to be run by the Richards management team, ensuring business continuity as it integrates with TE.

About TE Connectivity
TE Connectivity plc (NYSE: TEL) is a global industrial technology leader creating a safer, sustainable, productive, and connected future. Our broad range of connectivity and sensor solutions enable the distribution of power, signal and data to advance next-generation transportation, energy networks, automated factories, data centers, medical technology and more. With more than 85,000 employees, including 9,000 engineers, working alongside customers in approximately 130 countries, TE ensures that EVERY CONNECTION COUNTS. Learn more at www.te.com and on LinkedIn, Facebook, WeChat, Instagram and X (formerly Twitter).

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SOURCE TE Connectivity plc

FAQ

What is the strategic rationale behind TE Connectivity's acquisition of Richards Manufacturing?

The acquisition enables TEL to capitalize on North America's grid replacement and upgrade cycle, strengthening its position in serving utilities and energy customers globally.

Will there be management changes at Richards Manufacturing following the TEL acquisition?

No, the Richards management team will continue to run the business to ensure continuity during integration with TE Connectivity.

What are Richards Manufacturing's main product offerings acquired by TEL?

Richards Manufacturing specializes in utility grid products, particularly underground distribution equipment for the North American market.

When did TE Connectivity (TEL) complete the Richards Manufacturing acquisition?

TE Connectivity completed the acquisition on April 1, 2025.