Hubbell Electrical Products, Orange, Conn., completed an asset purchase of the outlet boxes, switch boxes, cover plates and ceiling fan hangers business from Unity Manufacturing in Cleveland.
The purchase does not include Unity’s metal enclosure business in Garland, Texas, or the Unity name and trademark.
“The asset purchase is a parallel to the Raco products. It gives us additional manufacturing capacity,” said Don Brody, Hubbell Electrical Products vice president of sales.
Rick Buferd, president of Unity Manufacturing, said in a letter to customers and reps that “while all the inventory of outlet boxes is now the property of Raco, they have allowed us to continue to sell that inventory to make the transition easier for all Unity customers.” The selling price is totally influenced by current steel cost, Buferd said. He asks customers and reps to continue to consult with Unity Manufacturing for all outlet-box needs until the inventory is depleted.
Hubbell’s other 2008 acquisition was its purchase of Kurt Versen, a lighting fixture manufacturer based in Westwood, N.J., that focuses on spec-grade lighting products.
According to the company’s 2007 annual report, Hubbell expects overall growth in 2008 sales versus 2007 to be in a range of 4 percent to 6 percent, excluding any effects of fluctuations in foreign currency exchange rates. “The full year impact of acquisitions is expected to contribute 2 percent to 3 percent of these amounts,” the report said. “Sales increases compared to 2007 are expected to be relatively balanced across our three segments. Within our Electrical segment, the acquisition of Kurt Versen in the first quarter of 2008 will essentially offset the continuing decline in the residential market in 2008.”