<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: May 7, 2000
(Date of earliest event reported)
THOMAS & BETTS CORPORATION
(Exact name of registrant as specified in its charter)
Tennessee 1-4682
(State or Other Jurisdiction (Commission File Number)
of Incorporation)
22-1326940
(IRS Employer Identification No.)
8155 T&B Boulevard
Memphis, Tennessee 38125
(Address of Principal (ZIP Code)
Executive Offices)
Registrant's Telephone Number, Including Area Code:
(901) 252-8000
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ITEM 5. OTHER EVENTS
On May 7, 2000, Thomas & Betts Corporation (the "Registrant")
announced, in the press release attached as Exhibit 20 to this report and
incorporated herein by reference, an agreement to sell its global Electronic OEM
business to Tyco International Ltd.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
20 Press Release of the Registrant dated May 7, 2000.
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SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Thomas & Betts Corporation
(Registrant)
By: /s/ Jerry Kronenberg
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Jerry Kronenberg
Title: Vice President-General Counsel
and Secretary
Date: May 8, 2000
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EXHIBIT INDEX
Exhibit Description of Exhibits
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20 Press Release of the Registrant dated May 8, 2000.
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NEWS THOMAS & BETTS CORPORATION
8155 T&B Boulevard
Memphis, TN 38125
(901) 252-5962
[GRAPHIC OMITTED]
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FOR IMMEDIATE RELEASE CONTACT: Tricia Bergeron
(901) 252-8266 (901) 359-7452 cellular
[email protected]
THOMAS & BETTS TO SELL ELECTRONIC OEM BUSINESS TO
TYCO INTERNATIONAL FOR $750 MILLION
STRENGTHENS T&B'S FOCUS ON ELECTRICAL AND COMMUNICATIONS PRODUCTS BUSINESSES
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MEMPHIS, TENN. - MAY 07, 2000 - Thomas & Betts Corporation (NYSE: TNB) today
announced an agreement to sell its global Electronic OEM business to Tyco
International Ltd. (NYSE:TYC, LSE:TYI, BSX:TYC) for $750 million in cash. This
agreement is subject to regulatory approval.
Thomas & Betts plans to use the proceeds from the sale primarily to
reduce debt. The company also expects to use a portion of the proceeds to
initiate a share repurchase program and to accelerate implementation of the
company's e-commerce strategy.
The Electronic OEM segment encompasses connectors and components,
including battery packs, that transmit, store and manage electronic signals in
computers, automobiles, and such electronic devices as cellular telephones.
Customers include computer and cellular handset manufacturers, automotive and
industrial OEMs, and tier-one automotive suppliers. The Electronic OEM business,
with 1999 sales of $687 million, has manufacturing facilities in the U.S.,
Mexico, Europe, and Asia.
"Today's announcement demonstrates our commitment to maximize
shareholder return," said Clyde R. Moore, Thomas & Betts' chairman, chief
executive officer and president. "While our Electronic OEM business is
profitable and growing, its fundamental nature is significantly different from
our electrical and communication businesses. Divesting this business will allow
us to refocus on what we do best -- manufacturing, marketing and distributing
electrical and related components -- as we build our leadership position in
industrial B2B commerce."
Thomas & Betts is one of the world's leading designers and
manufacturers of electrical connectors and components for worldwide electrical
and electronic markets. Headquartered in Memphis, Tenn., the company has over
250 manufacturing, distribution, and office facilities in 25 countries. In 1999,
Thomas & Betts reported sales of $2.52 billion and diluted earnings per share of
$2.56.
Tyco International Ltd. is a diversified manufacturing and service
company. Tyco operates in more the 80 countries and had fiscal 1999 revenues
of $22.5 billion.
Morgan Stanley Dean Witter advised Thomas & Betts on the transaction.
# # #
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THIS PRESS RELEASE INCLUDES FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO MANY
UNCERTAINTIES IN THE COMPANY'S OPERATIONS AND BUSINESS ENVIRONMENT. SUCH
UNCERTAINTIES, WHICH ARE DISCUSSED FURTHER IN THE COMPANY'S QUARTERLY FILINGS
WITH THE SECURITIES AND EXCHANGE COMMISSION, MAY CAUSE THE ACTUAL EVENTS OF THE
COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE EVENTS EXPRESSED OR IMPLIED
BY SUCH FORWARD-LOOKING STATEMENTS.
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