Belden Completes Sale of Thermax and Raydex Businesses
Belden (NYSE: BDC), a global leader in signal transmission solutions for mission critical applications, announced today that it has completed the previously announced sale of its Thermax and Raydex businesses, serving the aerospace and defense industry, to Carlisle Companies Incorporated for approximately $265 million.
“I'm pleased to announce the closure of this sale and look forward to the continuing transformation taking place here at Belden. We have already identified attractive opportunities for these proceeds in both the acquisition of PPC and the ongoing repurchase of Belden stock,” said John Stroup, Belden's President and CEO.
The results of these divested businesses will be classified as discontinued operations in accordance with generally accepted accounting principles and therefore excluded from Belden's fourth quarter and full year 2012 results from continuing operations. The company's earlier guidance for the fourth quarter 2012 included approximately $30 million of revenue and diluted earnings per share of $0.10 from Thermax and Raydex. As a result of the discontinued operations classification, the company now expects fourth quarter 2012 revenue from continuing operations to be between $470 and $480 million and adjusted diluted earnings per share from continuing operations to be between $0.62 and $0.67. For the full year 2012 the company expects revenue from continuing operations to be between $1.834 and $1.844 billion and adjusted diluted earnings per share from continuing operations to be between $2.63 and $2.68. A reconciliation of adjusted measures to GAAP measures is attached.
This is consistent with the information presented at Belden's Investor and Analyst Day on December 11th and will have no impact on the 2013 guidance provided.
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