TE Connectivity - Experts & Thought Leaders

TE Connectivity, a world pioneer in connectors and sensors, has reduced Scope 1 and 2 greenhouse gas emissions by 80% between September 2020 and October 2024, outperforming its goal of a 70% reduction. This milestone is one example of the company's significant progress toward its long-term sustainability ambitions, detailed in its annual One Connected World corporate responsibility report. Focus on energy efficiency "Our corporate responsibility ambitions align with the expectations of our global customers and guide TE's efforts across emissions reduction, innovation, and inclusion. Our team has made significant strides toward these goals," said TE Connectivity's CEO - Terrence Curtin. He adds, "As we look ahead, our teams around the world continue to focus on energy efficiency in our operations, delivering product designs that are less carbon-intensive, and defining clear expectations for our supply chain partners, while providing cost-competitive solutions to our customers. We will continue to work toward a future focused on performance and sustainability." Highlights of last year In FY2024, TE reduced its Scope 1 and 2 emissions by 30% year over year. Other highlights of its progress in the last year include: 87% renewable electricity use globally (up 7% since last year), exceeding TE's goal of 80% by 2025 14% reduction in Scope 3 greenhouse gas emissions since 2022, toward a goal of 30% reduction by 2032 More than 5 million individuals impacted through philanthropic STEM programs since 2020, toward a goal of 10 million by 2030 Reduced total recordable incident rate to 0.12, a record low, toward a goal of a zero-incident workplace 80% of TE sites had one or fewer recordable injuries 61% had zero injuries New zero-waste-to-landfill goal TE also set a new zero-waste-to-landfill goal. The company aims to divert at least 98% of all operational waste from landfill or incineration through prevention, reuse, recycling, or energy recovery by FY2029.  Twenty-eight TE sites have already been identified as zero-waste to landfill sites.

TE Connectivity plc, a world pioneer in connectors and sensors, has entered into a definitive agreement to acquire Richards Manufacturing Co. from funds managed by Oaktree Capital Management, L.P. and members of the Bier family, long-standing owners and pioneers of the business. The transaction will strengthen TE's position in serving electrical utilities in North America by combining complementary product portfolios and adding the expertise of the Richards team, enabling TE to benefit from strong growth trends in underground electrical networks. Cold-shrink cable accessories The Richards management team is committed to TE and will continue to lead the business post-closing Richards is widely recognized as a best-in-class provider of utility grid products and, over the last several years, has experienced double-digit revenue growth.  The company, headquartered in Irvington, N.J., is a pioneer in underground distribution equipment, with differentiated positions in both medium voltage cold-shrink cable accessories and network protector products. The Richards management team is committed to TE and will continue to lead the business post-closing. Renewables and grid reliability "One of the key pillars of our strategy is investing in long-term secular growth trends that further our commitments to being a trusted partner to customers around the world and creating value for our owners," said TE Connectivity CEO Terrence Curtin. "We have been strategically investing in our Energy business over the past several years to be a growth driver for TE. We've benefited from our focus on utility-scale renewables and grid reliability by providing our customers with innovative products required for the ongoing evolution of the energy grid." Accelerating grid replacement    Curtin added: "The acquisition of Richards Manufacturing aligns with our strategy and positions us to further capitalize on an accelerating grid replacement and upgrade cycle in North America, driven by aging infrastructure, the increased hardening of the network and the upgrades that are required to support the increase in energy demand." "We look forward to building on the momentum of Richards' growth trajectory and welcoming their talented team to TE." Design of critical infrastructure Joe Bier, CEO of Richards Manufacturing, said, "We are thankful for the partnership, strategic support and resources that Oaktree brought to our firm. Together, we have made significant investments in our facility, products, and team to serve our customers. We are thrilled for the next stage of our business as part of TE Connectivity." "We have been working in the utilities market for nearly 80 years supporting the design, protection and life of critical infrastructure. We believe TE is a great home for the business our family has built and are excited for a bright future ahead for Richards in TE." Transformative phase of development Ulysses Fowler, Managing Director of Oaktree's Power Opportunities Group, said, "Oaktree is proud to have supported Richards through a transformative phase of development." "We thank Joe, the Bier family, the entire management team, and all of Richards' employees for their dedication to developing and delivering an innovative and high-quality product portfolio while maintaining a total commitment to quality, responsiveness, and customer service. All of us at Oaktree wish the team at Richards continued success as part of TE." TE's Industrial Solutions segment TE expects approximately $0.10 accretion to its adjusted EPS in the first full year The all-cash transaction is valued at approximately $2.3 billion, subject to customary post-closing adjustments. The transaction will be financed through cash and additional debt. TE expects a mid-teens return on invested capital upon completion of tax, revenue, and cost synergies. Upon completion of the transaction, the acquired business will be reported as part of TE's Industrial Solutions segment and is expected to contribute annual sales of approximately $400 million and EBITDA margins in the mid-30 percent range.  This acquisition is expected to be accretive to TE's sales growth and adjusted operating margins. TE expects approximately $0.10 accretion to its adjusted EPS in the first full year, including financing costs and excluding acquisition and amortization-related expenses. Receipt of certain regulatory approvals The transaction is subject to the receipt of certain regulatory approvals and other customary closing conditions, and is expected to close in TE's fiscal third quarter, ending June 2025. Goldman Sachs & Co. LLC is serving as TE's financial advisor and Davis Polk & Wardwell LLP is acting as TE's legal counsel. Lincoln International is serving as financial advisor, and Kirkland & Ellis LLP as legal counsel, to Richards and Oaktree.

TE Connectivity, a world renowned company in connectivity and sensors, has acquired Harger, an American major firm in lightning protection and grounding solutions for IEEE markets. Grounding solutions are the cornerstone of grid reliability, enhance both the safety and functionality of the entire electrical system and form a critical component of a solar farm’s electrical balance of system (EBoS). TE Connectivity acquires Harger With this strategic acquisition, TE’s energy business unit serves customers with a broader portfolio for grid reliability With this strategic acquisition, TE’s energy business unit serves customers with a broader portfolio for grid reliability and connectivity solutions in renewable power, utilities, and industrial applications. “Harger is an attractive addition to the TE portfolio because of its proven market reputation and strong customer service. I am pleased to welcome the talented Harger team to TE and create our new engineering and manufacturing competence center for lightning protection and grounding solutions,” said Bart Otten, Senior Vice President and General Manager of TE’s energy business unit. TE Connectivity expands energy portfolio Bart Otten adds, “Adding Harger to our portfolio enhances the value we bring to our customers as one connectivity partner. This acquisition is a critical milestone in our strategic vision to be partner of choice for innovating sustainable energy networks that keep the power on.” “For 64 years, Harger has been an expert in lightning protection and grounding solutions and services, ensuring the reliability of the power grid infrastructure in North America,” said Mark Harger, Steward of the Company and Son of the Founder. Mark Harger adds, “Under TE, customers will benefit from service continuity and ongoing investment in new product development. I am excited for the future of the Harger business.”