Factoring for Thomas & Betts Invoices

Invoice Factoring for Thomas & Betts for Fast Cash Flow

Looking for a financing solution that does not take weeks, even months for approval and set up? Through invoice factoring with Scale Funding, your business can have the cash flow it needs, and fast. By factoring your invoices to Thomas & Betts and your other customers, you receive a same-day advance on the total of the invoices. Meanwhile, Scale Funding does the waiting for payment. Once payment arrives, you receive the remainder, less our low factoring fee.

It’s easy to get started with Scale Funding. In just three simple steps, we can get you the funding you need:

1. Receive an approval in as little as 15 minutes.
2. Send us your invoices.
3. After your initial setup, you receive same-day cash on your Thomas & Betts invoices.

Thomas & Betts Corporation

Company Overview

Thomas & Betts Corporation is a comprehensive leader in innovative cable protection systems, wire and cable management, safety technology, HVAC building solutions, power connection and control and engineered transmission structures. This company designs, manufactures, and markets electrical and electronic components and connectors that are used to assemble, maintain and repair electrical, electronic and communication systems. For 100 years they have provided products that make electrical wires come to life. Their products are sold worldwide through mass merchandisers, catalogs, home centers and distributors.

Headquarters

Thomas & Betts Corporation is headquartered in Memphis, Tennessee and has more than 150 manufacturing, distribution and office facilities located in about 20 countries. It operates as a subsidiary of ABB Ltd.

General Information

Thomas & Betts Corporation is a top global manufacturer and designer of various connectors and components for distribution to electrical and communication markets.

• They have also developed electrical solutions in order to cater the needs and the biggest challenges in the food processing industry. The greatest contribution of Thomas & Betts Corporation helped the food industry to increase the effectiveness of their equipment, improve revenue and keep food safety on top.
• The company has approximately 9,400 employees, each of whom has an equal opportunity. They provide career development opportunities for their employees to help them excel and achieve success. This is in line with their culture of believing in abilities and potentials of their people.
• They also offer a positive culture that supports and motivates employees to ignite possibilities, achieve both their personal and professional aspirations and share their success with their co-workers and families.

History

Thomas & Betts Corporation was founded by two young engineering graduates from Princeton University, Hobart D. Betts and Robert M. Thomas, in 1898. They began selling rigid conduit to electrical distributors in New York in 1898. Incandescent electric lighting had just been introduced to New York City.

During 1912, business was going strong, so Thomas and Betts acquired the Standard Electric Fittings Company located in Stamford Connecticut. This big move caused the company to venture into manufacturing electrical conduit. By 1917, they moved their headquarters to Elizabeth, New Jersey where their engineering, manufacturing and sales divisions shared the same facility.

In 1921, Nestor J. MacDonald joined the company as a salesman. He later became the President and CEO of Thomas & Betts because he was able to focus on meeting the needs of the users. He also introduced their products directly to electrical contractors, contributing to the company’s long-term success.

In 1927 G.C. Thomas, Robert Thomas’ nephew, realized the great potential that awaited the company in northeastern Canada. This realization was the one that has made Thomas & Betts one of Canada’s leading purveyors of electrical components to this day.

From 1939 to 1945 the company ranked as one of the 12 plants most critical to the war effort thanks to their products that became indispensable in the wiring of military planes, ships and tanks. Their achievements were recognized by the United States Military.

The company’s success continued in the following years. The company’s stock gained a listing on the New York Stock Exchange in 1962. In 1968, the company formally became Thomas & Betts Corporation.

In 1992, the company acquired American Electric. After a year, Thomas & Betts moved its headquarters to Memphis, Tennessee, which is where American Electric had been based. Thomas & Betts then acquired The Amerace Corporation and Augat Inc. in 1996. However, in 2000, Thomas & Betts’s global electronics connectors business sold to Tyco International at an estimated $750 million.

In 2012, ABB purchased Thomas & Betts for an estimated $3.9 billion. This made them a well-known name in low-voltage products in the North American market. Because of this acquisition, ABB was able to advance its strategy of expanding its low-voltage products into new sectors and regions. The joint venture created a broader low voltage offerings and provided substantial opportunities that created value to shareholders.

Business Model

Thomas & Betts Corporation became the largest supplier of electrical components in North America due to its legacy of product innovation, an extensive distribution network and its stellar customer service. Moreover, the company’s comprehensive product portfolio and order fulfillment capabilities enabled it to deliver a value proposition to its distribution customers in “one order, one shipment, and one invoice.”

In 2009 to 2010, the company focused on efforts based on market orientation, customer-centric product innovation and value-added solutions. This was done to rebuild the profitable growth after the global financial crisis. A new customer segmentation model also enabled the company to understand the demands of end users better in different market verticals and to tailor offerings to their needs.

Because of ABB’s acquisition of Thomas & Betts in 2012, issues arose concerning how Thomas & Betts could maintain its distinctive business model and capabilities while completing the integration with ABB’s global organizational structure. Nevertheless, the company insisted that to understand the actions and capabilities required “customer-centric innovation and fuel profitable growth by delivering exceptional value from primarily ‘low-tech’ products is the company’s learning objective.”

Awards and Recognition

• In 2005, the Athens, Tennessee facility was named one of the Top 10 Plants by IndustryWeek. This award is given annually to the ten best manufacturing facilities in North America.
• In September 2015, Consulting-Specifying Engineer (C-SE), a prestigious trade publication, selected Thomas & Betts and ABB’s circuit monitoring system (CMS) as the recipient of the Product of the Year Award.
• In November 2015, Thomas & Betts Canada was awarded Sustainability Campaign Award in Toronto, Ontario. This award is part of the EFC Marketing Awards Presentation.
• In 2016, Thomas & Betts received a Partnership Award from National Electric Contractors Association, also known as NECA. The NECA Convention and Trade Show award ceremony was held in Boston. This award recognizes individuals, companies or organizations that contribute to the industry’s success.

Thomas & Betts Corporation

8155 T&B Boulevard
Memphis, TN 38125
901-252-5000
www.tnb.com