SCHAFFHAUSEN, Switzerland, Aug. 31, 2017 /PRNewswire/ -- TE Connectivity Ltd. (NYSE: TEL) (TE), a world leader in connectivity and sensors, announced today that it has completed the previously announced acquisition of Hirschmann Car Communication (HCC).
Hirschmann Car Communication is one of the world's leading specialists in antenna technologies, primarily for automobile communications and connectivity. HCC is based in Germany and operates in Europe, North America and China.
"This acquisition is key to our growth strategy as it expands our product portfolio and enables us to offer true end-to-end data connectivity solutions for evolving connected and autonomous vehicles," said Eric Kueppers, president of TE's global Automotive business. "Both TE and HCC have strong R&D and engineering capabilities that can support integrated, highly engineered solutions. This transaction is a win for both parties since we can leverage TE's global footprint to bring HCC's antenna technology to customers worldwide. We welcome the talented HCC team to TE."
The business will now be reported as part of TE's Transportation Solutions segment.
ABOUT TE CONNECTIVITY
TE Connectivity (NYSE: TEL) is a $12 billion global technology leader. Our commitment to innovation enables advancements in transportation, industrial applications, medical technology, energy, data communications, and the home. TE's unmatched breadth of connectivity and sensor solutions, proven in the harshest of environments, helps build a safer, greener, smarter and more connected world. With 75,000 people – including more than 7,000 engineers – working alongside customers in nearly 150 countries, we help ensure that EVERY CONNECTION COUNTS – www.TE.com
TE Connectivity, TE, TE connectivity (logo), Hirschmann Car Communication and EVERY CONNECTION COUNTS are trademarks of the TE Connectivity Ltd. family of companies.
This release contains certain "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to risks, uncertainty and changes in circumstances, which may cause actual results, performance, financial condition or achievements to differ materially from anticipated results, performance, financial condition or achievements. All statements contained herein that are not clearly historical in nature are forward-looking and the words "anticipate," "believe," "expect," "estimate," "plan," and similar expressions are generally intended to identify forward-looking statements. We have no intention and are under no obligation to update or alter (and expressly disclaim any such intention or obligation to do so) our forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by law. In addition to our future financial condition and operating results, the forward-looking statements in this release include statements addressing our ability to realize projected financial impacts of and to integrate the Hirschmann Acquisition into our operations. Examples of factors that could cause actual results to differ materially from those described in the forward-looking statements include, among others, the risk that revenue opportunities, cost savings and other anticipated synergies from the Hirschmann Acquisition may not be fully realized or may take longer to realize than expected; the risk that Hirschmann's operations will not be successfully integrated into ours; business, economic, competitive and regulatory risks, such as conditions affecting demand for products, particularly in the automotive and data and devices industries; competition and pricing pressure; fluctuations in foreign currency exchange rates and commodity prices; natural disasters and political, economic and military instability in countries in which we operate; developments in the credit markets; future goodwill impairment; compliance with current and future environmental and other laws and regulations; and the possible effects on us of changes in tax laws, tax treaties and other legislation. More detailed information about these and other factors is set forth in TE Connectivity Ltd.'s Annual Report on Form 10-K for the fiscal year ended Sept. 30, 2016 as well as in our Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other reports filed by us with the U.S. Securities and Exchange Commission.
SOURCE TE Connectivity