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Exhibit 20
NEWS THOMAS & BETTS CORPORATION
8155 T&B Boulevard
Memphis, TN 38125
(901) 252-5962
THOMAS & BETTS
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FOR IMMEDIATE RELEASE CONTACT: Tricia Bergeron
(901) 252-8266
[email protected]
THOMAS & BETTS CHANGES LEADERSHIP AND ORGANIZATIONAL
STRUCTURE IN ELECTRICAL BUSINESS
DOMINIC PILEGGI TO LEAD COMBINED COMMERCIAL AND INDUSTRIAL ELECTRICAL DIVISIONS
MEMPHIS, Tenn. October 24, 2000 --- Thomas & Betts Corporation (NYSE: TNB)
said today that it is changing its organizational structure to combine its
commercial and industrial electrical businesses and has hired Dominic Pileggi
to lead the new business group. The change in structure allows the company
to take advantage of the synergies inherent between these two businesses,
which share product lines, customers, distribution channels, and services.
Combined the two businesses had revenues of more than $1 billion in 1999.
Pileggi joins Thomas & Betts from Viasystems Group, a leading,
worldwide, independent provider of electronics manufacturing services based
in St. Louis. Pileggi served as executive vice president at Viasystems and
led that part of the company's operations that assembles printed circuit
boards for original equipment manufacturers serving telecommunications,
networking, automotive, and consumer electronics industries.
Pileggi brings to his new position considerable industry knowledge and
experience, having served in a number of key management positions at Thomas &
Betts from 1979 until 1994. After leaving T&B, Pileggi served as president
and chief executive officer of Casco Plastics, Inc. and Jordan
Telecommunications. Pileggi began his career at Thomas & Betts as a sales
representative, initially holding a series of progressively responsible
sales, marketing and general management positions. In 1988, he was named
president of the company's Electronic OEM business. From 1992 until his
departure, Pileggi served as president of the Thomas & Betts electrical
business, where he earned a reputation for consistently growing organic sales
and earnings. Pileggi also oversaw the successful integration of numerous
acquisitions that helped Thomas & Betts build the industry's broadest
portfolio of electrical products for commercial and industrial applications.
Pileggi holds a Bachelor of Economics degree from Rutgers University.
"We are delighted to welcome Dominic back to the Thomas & Betts team,"
said T. Kevin Dunnigan, chairman, chief executive officer and president.
"His demonstrated leadership skills and proven ability to build organizations
that deliver profitable growth will play an important role in enhancing our
competitive position in our core markets."
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Dunnigan continued, "Combining our two core businesses under a strong
leader such as Dominic should have a short- and long-term, positive impact on
the company's operations. It is a significant step in creating an
organizational structure that appropriately supports a company of our size
and complexity."
Thomas & Betts also said that John Mayo, who had briefly served as the
company's president and chief operating officer, had resigned to pursue other
interests. T. Kevin Dunnigan, the company's recently appointed chairman and
chief executive officer, was appointed president by the company's board of
directors today.
Thomas & Betts Corporation is one of the world's leading designers and
manufacturers of electrical connectors and components. Headquartered in
Memphis, Tennessee, the company has manufacturing, distribution, and office
facilities worldwide.
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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
RESULTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS
EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS.
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