Nexans to sell Berk-Tek to Leviton
Nexans announces execution of an agreement to sell Berk-Tek to Leviton for $202 million.
- Nexans announces execution of an agreement to sell Berk-Tek to Leviton for
- Combining two of the most innovative, reliable and service-oriented names in the North American structured cabling industry, Berk-Tek cable and Leviton Network Solutions will offer unparalleled integrated solutions for their customers
Paris, France, July 17th, 2020 – Nexans announces today the execution of an agreement to sell Berk-Tek, a leading US-based manufacturer of local area network cables, to Leviton.
Christopher Guérin, Nexans CEO: “Our Berk-Tek colleagues will join a long-term partner with the best strategic fit to answer customers’ demand around connectivity. Together with Leviton, the Berk-Tek team will focus on developing innovative local area network solutions that are critically important in managing the demand of today’s emerging technologies.”
Daryoush Larizadeh, Leviton President: “Berk-Tek is a highly respected North American cabling company with exceptional manufacturing and product development capabilities. By adding Berk-Tek to the Leviton family, we will be able to provide truly end-to-end solutions to our customers.”
This transaction is a natural step in reinforcing the Berk-Tek and Leviton marketing alliance signed in 2013. The combination of both innovative, reliable and service-oriented brands will enable Leviton Network Solutions to offer fully integrated solutions.
Berk-Tek is a leading manufacturer of local area network copper and fiber cables. Berk-Tek’s 350 employees as well as its facilities located in Pennsylvania and North Carolina are expected to move under Leviton ownership before the end of Q3-2020 subject to customary closing conditions, including the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended.
The transaction entails an enterprise value of US$202 million which represents approximately a multiple of 10x over 2019 stand-alone adjusted EBITDA. Berk-Tek reported sales for US$163 million in 2019.
About Berk-Tek, A Nexans Company
For more than 50 years, Berk-Tek has been a leading manufacturer of more than 100 different network copper and fiber optic cable products. The company has led in the development of high-performance and enhanced fiber optic and UTP cables designed to transport high-speed data and voice transmissions. Berk-Tek has major manufacturing facilities at New Holland, PA, Fuquay-Varina, NC and Elm City, NC. For more information, visit www.berktek.com.
Every day, Leviton is engineering possibilities that make the future happen, meeting the needs of today’s residential, commercial, and industrial customers globally. From electrical, to lighting, to data networks, and energy management, Leviton develops thoughtful solutions that help make its customers' lives easier, safer, more efficient and more productive. Driven by its commitment to its customers, the ingenuity of its employees and the safety and quality of its products and solutions, with Leviton, the FUTURE IS ON. For more information, visit http://www.leviton.com/, www.facebook.com/leviton, www.twitter.com/leviton, or www.youtube.com/Levitonmfg.
As a global leader in advanced cabling and connectivity solutions, Nexans brings energy to life through an extensive range of best-in-class products and innovative services. For over 120 years, innovation has been the company’s hallmark, enabling Nexans to drive a safer, smarter and more efficient future together with its customers. Today, the Nexans Group is committed to facilitating energy transition and supporting the exponential growth of data by empowering its customers in four main business areas: Building & Territories (including utilities, smart grids, emobility), High Voltage & Projects (covering offshore wind farms, submarine interconnections, land high voltage), Telecom & Data (covering data transmission, telecom networks, hyperscale data centers, LAN), and Industry & Solutions (including renewables, transportation, Oil & Gas, automation, and others). Corporate Social Responsibility is a guiding principle of Nexans’ business activities and internal practices. In 2013 Nexans became the first cable provider to create a Foundation supporting sustainable initiatives bringing access to energy to disadvantaged communities worldwide. The Group’s commitment to developing ethical, sustainable and high-quality cables drives its active involvement within several leading industry associations, including Europacable, the National Electrical Manufacturers Association (NEMA), International Cablemakers Federation (ICF) or CIGRE to mention a few. Nexans employs more than 26,000 people with industrial footprint in 34 countries and commercial activities worldwide. In 2017, the Group generated 6.4 billion euros in sales. Nexans is listed on Euronext Paris, compartment A. For more information, please visit: www.nexans.com