Wallingford-based manufacturer Amphenol Corp. has been busy on the M&A front, disclosing Wednesday that it’s been involved in four acquisition deals since July.
The maker of electronic and fiber optic connectors said its latest deal came this month when it agreed to acquire Illinois-based PCTEL Inc., a publicly traded global provider of antennas, as well as industrial Internet of Things and test and measurement products.
The $139.7 million deal is expected to close by early 2024, Amphenol said.
Since July, Amphenol has also closed on the purchase of three other companies: Oregon-based Connor Manufacturing Services, Q Microwave of California and New Hampshire-based XMA Corp.
“We remain focused on expanding our growth opportunities through a deep commitment to developing enabling technologies for customers across our served markets, an ongoing strategy of market and geographic diversification as well as an active and successful acquisition program,” said Amphenol President and CEO R. Adam Norwitt.
Connor is a global manufacturer of power interconnect products, including high voltage busbars for the automotive and industrial markets with annual sales of approximately $100 million.
Q Microwave is a designer and manufacturer of radio frequency components for the military with annual sales of approximately $20 million.
XMA is also a provider of radio frequency components for the military and IT datacom markets with annual sales of approximately $15 million.
Amphenol on Wednesday also reported its third quarter financial results, posting a 3.5% increase in profits, but a 2.9% decrease in net sales.
Its net income for the quarter was $513.9 million, or 83 cents per share, vs. $496.6 million, or 80 cents per share, in the year-ago period.
Sales were $3.2 billion vs. $3.3 billion a year earlier.
Norwitt said the decline in sales was “driven by moderations in the mobile networks, mobile devices, IT datacom, broadband and industrial markets, which were partially offset by growth in the commercial air, military and automotive markets.”
