ABB, a global power and automation technology group, has signed an agreement to acquire Versailles-based Kuhlman Electric Corp. from The Carlyle Group for an undisclosed amount.
Kuhlman designs, manufactures and markets a broad range of electrical transformers for use on the electric utility system. In addition to its Versailles plant, the company also has a facility in Crystal Springs, Miss., and a field engineering services division based out of the Mississippi operation. The company has seen double-digit annual sales growth over the past five years and had 2007 revenues of approximately $250 million. Kuhlman employs approximately 800 people.
“This transaction is the first milestone of our acquisition strategy, which is focused on finding bolt-on acquisitions that selectively complement both our product range and geographical presence,” said ABB CEO Michel Demaré.
ABB plans to integrate Kuhlman’s operations into its Power Products business in North America.