ORANGE, Conn.--(BUSINESS WIRE)--Oct. 31, 2001--Hubbell Incorporated (NYSE: HUBA, HUBB) today announced the acquisition of MyTech Corporation.
The acquisition was a cash transaction; other terms were not released.
Based in Austin, TX, MyTech is noted for technological innovation in occupancy sensor-based controls vital to the energy conservation capability of modern lighting systems. Occupancy sensors control lighting fixtures for small or wide areas: automatically turning lights on when the area is in use and off when rooms are unoccupied.
A patented feature of MyTech products is an unique Adaptive Technology which allows sensors to discriminate between personnel occupancy and false activation causes by extraneous motion. MyTech has recently developed LightBat® G2 for large spaces such as warehouses which employs sensors to provide full illumination when the facility is in use or automatic 50% dimming of High Intensity Discharge (HID) fixtures when lighting is not needed.
``MyTech will join Hubbell's Lighting Controls Group,'' according to Tim Powers, President and CEO of Hubbell Incorporated, ``and will add to the Company's industry-leading breadth of product and customer preferred brand names. Hubbell's full range of product and capabilities are especially important in today's economy as customers focus on preferred brands and a single source of supply. The Company's diversity of end-markets and multiple channels of distribution will bring MyTech technology and its benefits in lowering lighting costs to customers in virtually every economic sector.''
The Lighting Controls Group is one of Hubbell's Wiring Systems' businesses which also includes the Hubbell Wiring Device-Kellems, Bryant, Unenco, Wirecon, and Premise Wiring brands. According to Bob Murphy, Senior Group Vice President, Hubbell Lighting Controls addresses a growing market. ``Our focus is on the increasing opportunities created by deregulation of the electric utility industry,'' said Murphy, ``and subsequent legislation that promotes the use of automatic lighting and dimming controls in commercial, institutional, and government buildings. We expect to grow sales of MyTech products, already in excess of $5 million, and all of the Wiring Systems brands with a continuing stream of new products, the leverage of Hubbell's distribution strength, and additional acquisitions.''
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 $1.4 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, Orange
Thomas R. Conlin, 203/799-4100