Arris Group has sold off its Arris Supplies unit to the UK-based Technetix Group for an undisclosed sum.
The Denver-based Arris Supplies unit provides the cable industry with a wide range of components including cable ties, clips, rings, brackets, filters, taps and amplifiers, just to name a few products. With its proposed $2.1 billion purchase of Pace under regulatory review, Arris is looking to streamline its operations and generate cash.
Technetix, meanwhile, is looking to expand its footprint in the U.S. cable industry. Technetix said it supplies 1,800 customers in 70 countries.
"This acquisition will be transformational for Technetix and will place the company in an ideal position for accelerated growth in the Americas market, adding customer base, extensive products and broad employee talent," said Paul Broadhurst, CEO of Technetix Group, in a statement released last week.
Added John Caezza, president of Arris Access Technologies: "Our leadership in the Americas will bolster Technetix's local footprint, while serving as a platform for its global growth."
Word of the Supplies unit sale comes as Arris gets ready to report second-quarter earnings on Wednesday.
Earlier this month, the company lowered its earnings and revenue guidance for the quarter, attributing the shortfall to what is expected to be a strong dollar and cable industry consolidation.
Arris now expects revenue will come in between $1.25 billion and $1.26 billion, down from a range of $1.27 billion and $1.31 billion.
"The headwinds we faced in the second quarter were stronger than anticipated," Arris CEo Bob Stanzione told investors.
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