ORANGE, Conn.--(BUSINESS WIRE)--March 4, 2002--Hubbell Incorporated (NYSE: HUBA, HUBB) today announced the acquisition of Hawke International. The purchase was a cash transaction.
Based in Ashton-under-Lyne near Manchester, United Kingdom, Hawke supplies a range of products used in harsh and hazardous locations worldwide. The company is a global leader in brass cable glands and cable connectors used for watertight terminations on fixed and floating offshore oil production platforms and drill ships. Similar connectors are vital components in demanding onshore applications such as petroleum and chemical process plants. Hawke is also a prominent supplier of cable transition devices, utility transformer breathers, stainless steel and nonmetallic enclosures, and field bus connectivity components.
Hawke markets its products worldwide with representation in each of five geographic centers. The majority of FY2001 sales were made to customers in Europe and the United Kingdom. Its strongest rates of revenue growth over the last three years have originated in Asia and the Americas served by Hawke offices in Singapore and Houston, respectively. Planned expansion in the Middle East and South America is projected to add to sales in the current year.
``Hawke International brings more than a growing, profitable business,'' said Tim Powers, Hubbell's President and CEO, ``it significantly expands our product breadth and service capability in several global markets.''
``Oil production and processing facilities, as one example, are a primary market for many of Hubbell's operations: Killark controls and distribution equipment, Chalmit lighting fixtures, GAI-Tronics monitoring and communications systems. The addition of Hawke products, not only expands our breadth of offering to these customers, but its marketing and sales resources around the world further strengthens Hubbell's global presence.''
Certain statements contained herein may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve numerous assumptions, known and unknown risks, uncertainties and other factors which may cause actual and future performance or achievements of the Company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors include: achieving sales levels to fulfill revenue expectations; unexpected costs or charges, certain of which may be outside the control of the Company; general economic and business conditions; and competition.
Hubbell Incorporated is an international manufacturer of quality
electrical and electronic products for commercial, industrial,
utility, and telecommunications markets. With approximately $1.3
billion in annual revenues, Hubbell Incorporated operates
manufacturing facilities in North America, Puerto Rico, Mexico, Italy,
Switzerland, and the United Kingdom, participates in a joint venture
in Taiwan, and maintains sales offices in Singapore, Hong Kong, South
Korea, People's Republic of China, and the Middle East. The corporate
headquarters is located in Orange, CT.
Hubbell Incorporated Thomas R. Conlin, 203/799-4100