ST. LOUIS--(BUSINESS WIRE)--
Belden Inc. (NYSE: BDC), a global leader in signal transmission
solutions for mission critical applications, today announced that it has
completed the acquisition of the previously announced offer to purchase
Grass Valley, a leader within the Broadcast market.
The value of this combination for both customers and shareholders is
clear. First, by aligning both resources and strategies, Belden creates
a business that broadens its offerings, while realizing the benefits of
scale. Second, it will enable the most complete product offering in the
broadcast industry. Belden now has the ability to simplify the
purchasing and management of highly complex infrastructures. Finally,
there is a significant opportunity in the application of the Belden
Business System, including LEAN enterprise techniques and the Market
Delivery System.
As a result of this successful outcome, the acquisition of Grass Valley
will be immediately accretive to adjusted earnings per share with an
estimated impact of approximately $0.20 in 2014 and $0.50 in 2015.
A more detailed discussion of the financial impact will occur on
Belden's regularly scheduled first quarter 2014 earnings conference call
on Thursday, May 1, 2014.
Use of Non-GAAP Financial Information
Adjusted results are non-GAAP measures that reflect certain adjustments
the Company makes to provide insight into operating results. These
results exclude certain items including purchase accounting effects
related to acquisitions, revenue and cost of sales deferrals, severance
and other restructuring costs, gains (losses) recognized on the disposal
of tangible assets, amortization of intangible assets, gains (losses) on
debt extinguishment, and other costs.
Forward Looking Statements
This release contains forward-looking statements. These forward looking
statements involve known and unknown risks, uncertainties and other
factors, many of which are outside the control of Belden, are difficult
to predict and may cause actual outcome to differ significantly from any
future outcome expressed or implied in the forward-looking statements in
this release. While Belden believes that the assumptions made and the
expectations reflected in this release are reasonable, no assurance can
be given that such assumptions or expectations will prove to have been
correct and no guarantee of any nature may be assumed in this respect.
The uncertainties include: (1) the businesses of Belden and Grass Valley
may not be integrated successfully or such integration may be more
difficult, time-consuming or costly than expected; (2) expected
combination benefits from the transaction may not be fully realized or
may not be realized within the expected time frame; (3) the combined
revenues and earnings of Belden and Grass Valley following the
transaction may be lower than expected; and (4) operating costs and
business disruption, including difficulties in maintaining relationships
with employees, customers or suppliers, may be greater than expected
following the transaction. These risk factors are not exhaustive, and
other risk factors, whether known, unknown or unpredictable, could cause
Belden's actual results to differ materially from those assumed here.
For a more complete discussion of risk factors, please see Belden's
Annual Report on Form 10-K for the year ended December 31, 2013 filed
with the Securities and Exchange Commission on February 27, 2014. Belden
undertakes no obligation to update or revise the forward-looking
statements in this release whether as a result of new information,
future events or otherwise.
About Belden
St. Louis−based Belden Inc. delivers a comprehensive product portfolio
designed to meet the mission-critical network infrastructure needs of
industrial, enterprise and broadcast markets. With innovative solutions
targeted at reliable and secure transmission of rapidly growing amounts
of data, audio and video needed for today's applications, Belden is at
the center of the global transformation to a connected world. Founded in
1902, the company is headquartered in St. Louis and has manufacturing
capabilities in North and South America, Europe and Asia. For more
information, visit us at www.belden.com
or follow us on Twitter @BeldenInc.
BDC-G
Belden Investor Relations, 314-854-8054
Investor.Relations@Belden.com
Source: Belden Inc.
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