Thomas & Betts sells Leviton stake

Industrial Distribution staff -- Industrial Distribution, 6/24/2008 1:24:00 PM

Thomas & Betts said it expects to net about $200 million in cash for the deal. If Leviton shares sell within the next three years at a higher price than the value set by the sale, Leviton will pay the difference to the Memphis-based electrical products manufacturer.

Little Neck, N.Y.-based Leviton said the deal is part of its long-term strategy to return total ownership of the business to the Leviton family and its intent to remain private.