Exhibit 99.1
| Press Release |  |
ABB’s Pending Acquisition of Thomas & Betts Receives EU Antitrust Clearance; All Regulatory Conditions to Closing Now Satisfied
Zurich, Switzerland and Memphis, Tennessee, May 11, 2012 – ABB Ltd (NYSE: ABB), the leading power and automation technology group, and Thomas & Betts Corporation (NYSE: TNB), a North American leader in low voltage products, today announced that the European Commission has cleared ABB’s proposed acquisition of Thomas & Betts.
The transaction has already been cleared by the US, Canadian and Turkish antitrust regulators. As announced on May 2, 2012, the merger also received approval by Thomas & Betts shareholders.
This EU antitrust clearance satisfies the last remaining regulatory condition to the acquisition. ABB and Thomas & Betts expect to close the transaction shortly.
ABB forward-looking statements
This press release contains "forward-looking statements" relating to the acquisition of Thomas & Betts by ABB. Such forward-looking statements are based on current expectations but are subject to risks and uncertainties, many of which are difficult to predict and are beyond the control of ABB, which could cause actual outcomes and results to differ materially from current expectations. No forward-looking statement can be guaranteed. Among other risks and uncertainties, there can be no guarantee that the acquisition will be completed, or if it is completed, that it will close within the anticipated time frame. Additional risks and uncertainties relating to the acquisition include: the anticipated benefits of the acquisition, including synergies, may not be realized; and the integration of Thomas & Betts’ operations with those of ABB may be materially delayed or more costly or difficult than expected. Forward-looking statements in the press release should be evaluated together with the many uncertainties that affect ABB’s business, particularly those identified in the cautionary factors discussion in ABB’s Annual Report on Form 20-F for the year ended Dec. 31, 2011. ABB undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
Thomas & Betts forward-looking statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts and are subject to risks and uncertainties in the operations, business, economic and political environment of Thomas & Betts. Forward-looking statements may be identified by the use of words such as "achieve," "should," "could," "may," "anticipates," "expects," "might," "believes," "intends," "predicts," "will" and other similar expressions. These statements are based on the current expectations and beliefs of Thomas & Betts, and involve a number of risks and uncertainties that could cause actual results to differ materially from those stated or implied by the forward-looking statements. Those risks and uncertainties include, but are not limited to: 1) the risk that a condition to closing of the proposed transaction may not be satisfied; 2) Thomas & Betts’ and ABB’s ability to consummate the proposed merger, including the financing thereof; 3) the businesses may suffer as a result of uncertainties surrounding the merger; 4) the ability of Thomas & Betts to retain and hire key personnel and maintain relationships with providers or other business partners; and 5) the industry may be subject to future regulatory or legislative actions and other risks that are described in the SEC reports filed or furnished by Thomas & Betts and ABB. A further description of these risks, uncertainties, and other matters can be found in the Risk Factors detailed in Thomas & Betts’ Annual Report on Form 10-K for the fiscal year ended December 31, 2011 filed with the SEC on February 17, 2012, as well as other filings Thomas & Betts makes with the SEC.
| Press Release | |
Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by Thomas & Betts. Thomas & Betts assumes no obligation and expressly disclaims any duty to update information contained in this filing except as required by law.
For more information please contact:
| ABB Media Relations: | ABB Investor Relations: | Thomas & Betts Media and Investor Relations: |
| Thomas Schmidt, Antonio Ligi | Switzerland: Tel. +41 43 317 7111 | Tricia Bergeron, Tel. +1 (901) 252 8266 |
| (Zurich, Switzerland) | USA: Tel. +1 203 750 7743 | tricia.bergeron@tnb.com |
| Tel. +41 43 317 6568 | investor.relations@ch.abb.com | |
| media.relations@ch.abb.com |