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Hubbell Agrees to Acquire GAI-Tronics Corporation
ORANGE, Conn.--(BUSINESS WIRE)--June 8, 2000--Hubbell Incorporated (NYSE: HUBA, HUBB) and Salient 3 Communications (NASDAQ/NMS:STCIA) today announced an agreement under which Hubbell will acquire all of the common stock of GAI-Tronics Corporation, the industrial communications subsidiary of Salient 3. The purchase price will be approximately $40 million in cash subject to certain adjustments at closing and the approval of Salient's Class B shareholders.

GAI-Tronics Corporation is a leading supplier to the global market for specialized communications systems designed for indoor and outdoor hazardous environments. Applications include systems for intra-facility communication, monitoring and emergency notification, telephone systems for public access, emergency and industrial communications, and land mobile radio system peripherals. GAI-Tronics will join Hubbell's Industrial Technology operations. The transaction is expected to close within 90 days.

Hubbell Incorporated is an international manufacturer of quality electrical and electronic products for commercial, industrial, utility, and telecommunications markets. With $1.4 billion in annual revenues, Hubbell Incorporated operates manufacturing facilities in North America, Puerto Rico, Mexico, Switzerland, and the United Kingdom, participates in joint ventures in Taiwan, and maintains sales offices in the Malaysia, Hong Kong, South Korea, and the Middle East. The corporate headquarters is located in Orange, CT.