Thomas & Betts Corp. plans to sell the plastic pipe business it recently purchased from Beachwood, Ohio-based Lamson & Sessions Co.
The unit makes PVC and high density polyethylene conduit, duct and pressure pipe used in construction, industrial, municipal, utility and telecommunications markets. The pipe is sold under the Ameriduct, Pyramid, Lamson Vylon and other brand names, and generated about $230 million in sales for the 12-month period ended Sept. 30.
Morgan Joseph & Co. will serve as Memphis-based Thomas & Betts' financial adviser to assist with the sale.
T&B's acquisition of Lamson closed Nov. 5.
``Our major business, electrical components, is really a shelf-goods business with a central distribution model,'' said Tricia Bergeron, T&B vice president of corporate and investor relations, in a Jan. 18 telephone interview. ``Pipe products are shipped direct from the factory. It's a different type of sell and it didn't fit with what our core competencies are.''
There is no time frame for the sale, she said.
``Interest has been expressed in the business,'' she said. ``That solidified our decision here to sell.''
Lamson has extrusion facilities in Tennille, Ga.; Mountain Grove, Mo.; High Springs, Fla.; Woodland, Calif.; Nazareth and Erie, Pa.; and Oklahoma City. Four of the plants extrude PVC; the other three extrude HDPE.
The company also has injection molding operations in Clinton, Iowa, and Bowling Green, Ohio.