Thomas & Betts Corporation To Acquire Lamson & Sessions Co.

  
    
  
  
    
      Thomas & Betts Corporation (NYSE:TNB) today announced that it has signed 
      a definitive agreement to acquire Lamson & Sessions (NYSE:LMS) in an 
      all-cash transaction valued at $27.00 per share or approximately $450 
      million. The company has committed debt financing to fund the 
      transaction. Subject to the satisfaction of customary closing conditions 
      and the approval of Lamson & Sessions’ 
      shareholders, the transaction is expected to close in late 2007.
    
    
      “This acquisition is a great fit with Thomas & 
      Betts and is consistent with our strategy of expanding our portfolio of 
      market-leading brands and leveraging our business infrastructure to 
      enhance our already strong relationship with distributors and end users 
      of electrical products,” said Dominic J. 
      Pileggi, chairman and chief executive officer. “Lamson 
      & Sessions is a well-known, leading North American supplier of 
      non-metallic electrical boxes, fittings, flexible conduit and industrial 
      PVC pipe. The company enjoys a well-deserved reputation for delivering 
      high-quality products and best-in-class customer service. Its Carlon® 
      brand and trademarked Blue Box are the most recognized 
      non-metallic electrical outlet boxes in the industry.”
    
    
      For the calendar year 2008, Thomas & Betts’s 
      preliminary assessment is that the acquisition will contribute 
      approximately $0.5 billion to revenues and be accretive to earnings by 
      approximately $0.15 to $0.20 per share. This estimate includes the 
      elimination of certain public company administrative costs which should 
      offset the amortization of acquisition-related intangible assets. 
      Potential operational efficiencies are expected to provide additional 
      future benefits. In addition, the company is assessing strategic options 
      regarding the PVC pipe business.
    
    
      Thomas & Betts Corporation is a leading manufacturer of electrical 
      components used in construction, industrial and utility markets. The 
      company is also a leading producer of commercial heating and ventilation 
      units and highly engineered steel structures used primarily for utility 
      transmission. Headquartered in Memphis, Tenn., the company has 
      manufacturing, distribution and office facilities worldwide. In 2006, 
      the company reported $1.9 billion in revenues. More information on the 
      company, its products and markets can be found at www.tnb.com.
    
    
      CAUTIONARY STATEMENT
    
    
      This press release includes forward-looking statements that are 
      identified by terms such as “expected,” 
      “includes,” “will,” 
      and “could.” These 
      statements discuss business strategies, economic outlook and future 
      performance. These forward-looking statements make assumptions regarding 
      the company’s operations, business, economic 
      and political environment, including, without limitation, customer 
      demand, government regulation, terrorist acts and acts of war. The 
      actual results may be materially different from any future results 
      expressed or implied by such forward-looking statements. Please see the “Risk 
      Factors” section of the company’s 
      Form 10-K for the fiscal year ended December 31, 2006, for further 
      information related to these uncertainties. The company undertakes no 
      obligation to publicly release any revisions to any forward-looking 
      statements contained in this press release to reflect events or 
      circumstances occurring after the date of this release or to reflect the 
      occurrence of unanticipated events.