Belden buys privately held PPC for $515.7 million
(Reuters) - Cable maker Belden Inc said it bought privately held PPC, which makes connectors used in broadband and wireless services, for $515.7 million to strengthen its position in the broadcast industry.
Belden, which makes networking products for the broadcast and consumer electronics industries, has been buying connector companies that complement its cable offerings in these markets as it moves away from selling stand-alone cables.
The company bought Canadian Miranda Technologies Inc, a maker of cable-TV and networking products, for about $362 million in July.
Belden's shares have gained more than a quarter since it offered to buy smaller rival RuggedCom Inc in December 2011 to beef up its networking business. They closed at $39.70 on the New York Stock Exchange on Monday.
RuggedCom was eventually bought by Siemens earlier this year.
Syracuse, New York-based PPC — a division of John Mezzalingua Associates Inc — had revenue of about $238 million in 2012.
Belden said it expects the deal to add 54 cents per share to its 2013 earnings.
(Reporting by Sagarika Jaisinghani in Bangalore; Editing by Supriya Kurane and Joyjeet Das)
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