TE Connectivity announced plans to acquire Richards Manufacturing for $2.3 billion in cash, aiming to strengthen its position in the North American utilities market. The acquisition aligns with TE’s strategy to capitalize on the growing demand for underground electrical networks.

The New Jersey-based Richards Manufacturing, known for its underground distribution equipment, will integrate into TE’s Industrial Solutions segment. This move is expected to contribute approximately $400 million to TE's annual sales. The deal is anticipated to close by the end of June.

Terrence Curtin, CEO of TE Connectivity, stated, “The acquisition of Richards Manufacturing aligns with our strategy and positions us to further capitalize on an accelerating grid replacement and upgrade cycle in North America.”

TE Connectivity, headquartered in Galway, Ireland, is a major manufacturer of electrical and electronic components, including sensors and connectors for automotive, aerospace, and energy sectors. The company reported $15.8 billion in sales last fiscal year, largely driven by evolving grid systems and investments in renewable energy products.

As demand for underground electrical networks continues to rise, TE's strategic acquisition positions it for growth amid shifting energy infrastructure needs.