On April 1, 2025, TE Connectivity plc (NYSE: TEL), a global leader in connectors and sensors, completed its acquisition of Richards Manufacturing Co., a North American provider of utility grid products, including underground distribution equipment. The transaction, valued at approximately $2.3 billion, was initially announced on February 12, 2025.

Richards Manufacturing, headquartered in Irvington, New Jersey, specializes in underground distribution equipment and has experienced double-digit revenue growth in recent years. The acquisition is expected to contribute around $400 million in annual sales to TE Connectivity's Industrial Solutions segment, with EBITDA margins in the mid-30% range.

This strategic move positions TE Connectivity to capitalize on North America's accelerating grid replacement and upgrade cycle, driven by aging infrastructure and increasing energy demand. The Richards management team will continue to lead the business post-acquisition, ensuring continuity as it integrates with TE.

The acquisition was financed through a combination of cash and additional debt. TE Connectivity anticipates mid-teens returns on invested capital, factoring in tax, revenue, and cost synergies.

As of May 28, 2025, TE Connectivity's stock (NYSE: TEL) is trading at $161.73.