FILE PHOTO: An employee poses at a machine in a clean room at TE Connectivity in Woerth, Germany, February 16, 2022. Picture taken February 16, 2022. REUTERS/Lukas Barth/File Photo
(Reuters) -TE Connectivity said it will buy utility grid products maker Richards Manufacturing Co for about $2.3 billion in cash, as it looks to strengthen its position in the electrical utilities market to take advantage of a power demand surge.
With companies racing to develop and adopt artificial intelligence, demand for power from data centers has accelerated, and is forecast to double within five years, rising from 176 TWh in 2023 to between 325 and 580 TWh in 2028.
