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EXHIBIT 20.1

NEWS Thomas & Betts Corporation
8155 T&B Boulevard
Memphis, TN 38125
(901) 252-5466

FOR IMMEDIATE RELEASE

THOMAS & BETTS REPORTS FIRST QUARTER 2002 RESULTS

Turnaround and Manufacturing Consolidation and Efficiency Programs on Track;
Results Evident in Improvement in Operating Earnings

MEMPHIS, Tenn.—April 23, 2002 —Thomas & Betts Corporation (NYSE: TNB) today reported financial results for the quarter ended March 31, 2002.

        Sales in the first quarter 2002 were $342.1 million, down 13.8 percent from the $396.9 million reported in the first quarter 2001. The decline in sales was expected and is due mainly to continued weakness in the company's core electrical markets and the divestiture or discontinuation of certain non-strategic, under-performing product lines in 2001. Excluding revenues from product lines divested or discontinued, sales were down 8.7 percent compared to the year-ago period.

        Earnings from operations were $9.9 million for the first quarter 2002. Excluding $12.3 million in charges associated with the company's previously announced manufacturing consolidation and efficiency program, operating earnings would have been $22.2 million versus a loss from operations of $1.1 million in the first quarter last year.

        "For the first time since initiating the turnaround program in August 2000, our quarterly operating results clearly show the positive impact of the many actions we have taken to return Thomas & Betts to a position of strong and sustainable profitability," said T. Kevin Dunnigan, chairman and chief executive officer of Thomas & Betts. "While our work isn't done, we are well on our way to restoring the business fundamentals that historically made Thomas & Betts a market leader."

        Thomas & Betts reported a net loss of $11.6 million, or a loss of $0.20 per share in the first quarter, versus a loss of $5.0 million, or a loss of $0.09 per share, in the year-ago period.

        In the first quarter 2002, Thomas & Betts elected to take advantage of recent changes in U.S. tax laws that allow companies to extend the carryback period for certain net operating losses from two to five years. The company filed its 2001 and amended prior years federal tax returns to reflect this decision. Accordingly, the company will receive cash tax refunds totaling approximately $55 million, the majority of which is expected in the second quarter. In the first quarter, this decision resulted in an $11.0 million net tax charge, primarily from converting certain foreign tax credits into foreign tax deductions.

        Excluding the aforementioned manufacturing and tax-related charges, first quarter results would have been net earnings of $7.9 million, or $0.14 per share, including a $3.6 million positive impact from the company's adoption of Financial Accounting Standards No. 142, which eliminated the amortization of goodwill. On a comparable basis, Thomas & Betts would have reported a net loss of $1.4 million, or $0.03 per share, in the first quarter 2001.

        "We are very pleased to be able to quickly take advantage of recent tax law changes and receive a substantial cash refund," said Dunnigan. "We are also pleased that our underlying net earnings

performance was positive when the manufacturing and tax-related charges are excluded. This performance is even more gratifying given that we continue to operate in extremely challenging economic conditions."

GROSS MARGIN UP, SG&A DOWN

        In the first quarter 2002, the company's gross margin as a percent of sales was 24.5 percent, an improvement over the 23.1 percent in the same period last year. Excluding $11.0 million related to the manufacturing program included in cost of sales, the gross margin in the quarter just ended would have been 27.7 percent. The year-over-year improvement is primarily due to the impact of a new pricing schedule in the electrical products business that became effective January 1, 2002, and lower manufacturing and freight costs.

        Likewise, the Company also showed improvement in reducing selling, general and administrative (SG&A) expense. SG&A was $72.6 million, or 21.2 percent of sales, in the quarter just ended compared with $93.0 million, or 23.4 percent of sales, in the year-earlier period.

        Thomas & Betts reiterated that its goal is to achieve a gross margin of at least 30 percent and SG&A of 20 percent or less.

MANUFACTURING CONSOLIDATION AND EFFICIENCY PROGRAM ON TRACK

        Dunnigan said that the manufacturing consolidation and efficiency program initiated in December 2001 is progressing as planned. The program affects approximately two-thirds of the company's total manufacturing operations, including all electrical products manufacturing plants in the United States, Europe and Mexico, and has three primary components: consolidating manufacturing capacity, improving productivity, and investing in tooling and equipment.

        As of the end of the first quarter, the company had closed, or was in the final stages of closing, five facilities and was in the process of transitioning production from these plants to other locations. An additional six plants will be closed over the course of the program. Efficiency improvements are underway at all facilities included in the program, and investments in equipment and tooling have begun. Management expects to substantially complete the program by the end of the third quarter 2002, although some activities may extend slightly beyond this date.

        Thomas & Betts expects on-going pre-tax savings of approximately $45 to $50 million annually from the manufacturing consolidation and efficiency program. As previously announced, pre-tax charges associated with the initiatives will total approximately $80 to $90 million. $49 million of these charges were recorded in the fourth quarter of 2001 and $12 million were recorded in the first quarter 2002. The balance of the charges is expected to be recorded over the remainder of 2002.

OTHER ITEMS

        Thomas & Betts reported $0.7 million in earnings from unconsolidated companies in the first quarter 2002, compared to earnings of $3.4 million in the year-earlier period. Effective in the first quarter 2002, the company changed its method of accounting for its investment in Leviton Manufacturing Co., Inc. from the equity to the cost method.

        Net interest expense in the first quarter 2002 was $10.9 million, compared with $10.0 million recorded a year ago due to lower rates on interest income.

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BALANCE SHEET UPDATE

        At March 31, 2002, accounts receivable were $188.7 million, flat with the end of the fourth quarter 2001. Days Sales Outstanding improved by eight percent over the last quarter as the company continued to execute effective collections processes instituted early in the turnaround program.

        As expected, the company's March 30, 2001 investment in inventory of $193.5 million was relatively flat with year-end 2001, despite the need for some inventory build during the first quarter to facilitate plant consolidation and equipment transfers required for the manufacturing program.

        "These results underscore our commitment to tightly manage working capital," said Dunnigan. "We have made great progress in how we manage both accounts receivable and inventory and expect solid performance in these areas going forward, even as we shift our focus to improving our core manufacturing operations."

        Net debt (total debt less cash, cash equivalents and marketable securities) increased by $43.3 million to $473.5 million, primarily as a result of a $20 million payment for a previously announced patent lawsuit settlement and costs incurred for the manufacturing consolidation and efficiency program.

FIRST-QUARTER SEGMENT RESULTS REFLECT WEAK MARKET CONDITIONS

        Sales in the company's Electrical segment were $256.5 million for the first quarter 2002, down 17 percent from the $309.6 million reported in the same period 2001. Excluding divested and discontinued product sales, first quarter 2002 electrical sales were down 11.1 percent, due largely to weak market conditions in industrial and construction markets.

        Electrical segment earnings were $2.7 million versus earnings of $0.9 million in the year-ago period. Current quarter segment results include $11.0 million in costs associated with the manufacturing consolidation and efficiency program. The improvement in segment earnings reflects the impact of a new pricing schedule that became effective January 1, 2002, lower manufacturing and freight costs, and lower SG&A.

        Sales in the Steel Structures segment were $35.1 million for the first quarter, compared to $33.4 million in the year-ago period. Earnings in this segment were $3.9 million compared to $3.5 million recorded in the first quarter 2001.

        Despite continued weakness in North American cable TV and telecom markets, the company's Communications segment reported sales of $29.3 million in the first quarter 2002, relatively flat with the $28.3 million reported in the same period last year. This segment recorded earnings of $4.1 million in the quarter compared to a $3.1 million loss in the year-earlier period. The significant improvement in earnings is due largely to tight operating and expense controls implemented last year in response to very weak market conditions.

        Sales in the HVAC segment, which provides industrial heating and ventilation products, were $21.1 million for the first quarter 2002, down from $25.6 million recorded in the year-earlier period. The continued recession in commercial and industrial markets negatively affected segment sales. The segment reported earnings of $1.2 million in the quarter, relatively flat with the first quarter 2001.

2002 DIRECTIONAL GUIDANCE

        Dunnigan said that the company expects second quarter 2002 sales to be down by five to ten percent, excluding divested or discontinued product sales, when compared with the second quarter 2001.

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        Dunnigan also reiterated 2002 directional earnings guidance provided in December 2001 and February 2002. Assuming a reasonable recovery in economic conditions in the second half of the year, management expects the company to achieve low double-digit operating earnings in the fourth quarter 2002.

CORPORATE OVERVIEW

        Thomas & Betts is a leading designer and manufacturer of connectors and components for worldwide electrical and communication markets. The company also manufactures steel structures for a variety of applications and industrial heating units. Headquartered in Memphis, Tenn., the company has manufacturing, distribution and office facilities worldwide. The company had sales of $1.5 billion in 2001 and employed approximately 11,000 people worldwide as of December 30, 2001. Visit Thomas & Betts on the World Wide Web at www.tnb.com.

        ###

NOTE: The attached financial tables support the information provided in this news release:
Consolidated Statements of Operations
Segment Information
Recap of Manufacturing Efficiency and Consolidation Initiatives
Transitional Disclosures for Statement of Financial Accounting Standards No. 142
2001 Consolidated Statements of Operations Based on Current-Year Presentation
Condensed Consolidated Balance Sheets

CONTACT: Tricia Bergeron
Vice President, Investor & Corporate Relations
(901) 252-8266
email: tricia.bergeron@tnb.com

CONFERENCE CALL/WEBCAST INFORMATION

        Thomas & Betts will hold a conference call/webcast to discuss the company's first quarter 2002 results on April 24, 2002 at 10:00 am Central Daylight Time (11:00 am Eastern Daylight Time). To access the call, please call (785) 832-1077 (password is "TNB"). The call can also be accessed via the Thomas & Betts corporate website at www.tnb.com. The conference call will be recorded and available for replay through 5:00 pm. CDT on Friday, April 26, 2002. To access the replay, please call (402) 220-2979 (no password required).

        This press release includes forward-looking statements that are subject to many uncertainties in the company's operations and business environment. Forward-looking statements are identified by terms such as "achieve", "guidance", "expect", "believe", "anticipate" and "plan." Such uncertainties, which are discussed further in the company's annual, quarterly and current filings with the Securities and Exchange Commission, may cause the actual results of the company to be materially different from any future results expressed or implied by such forward-looking statements.

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THOMAS & BETTS CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)

			Quarter Ended
			March 31, 2002			April 1, 2001
Net sales			$	342,051			396,948
Cost of sales				258,272			305,063
	Gross margin			83,779			91,885
		Gross margin—% of net sales		24.5	%		23.1	%
Selling, general and administrative				72,596			93,030
	Selling, general and administrative—% of net sales			21.2	%		23.4	%
Provision—restructured operations				1,265			—
Earnings (loss) from operations				9,918			(1,145	)
Income from unconsolidated companies				702			3,434
Interest expense—net				(10,899	)		(9,969	)
Other (expense) income—net				(759	)		483
Loss before income taxes				(1,038	)		(7,197	)
Income tax (benefit)				10,609			(2,231	)
Net loss			$	(11,647	)	$	(4,966	)
Net loss per share:
	Basic loss per share		$	(0.20	)	$	(0.09	)
	Diluted loss per share		$	(0.20	)	$	(0.09	)
Average shares outstanding:
	Basic			58,221			58,039
	Diluted			58,221			58,039

THOMAS & BETTS CORPORATION AND SUBSIDIARIES
Segment Information
(In thousands)
(Unaudited)

			Quarter Ended
			March 31, 2002			April 1, 2001
Net sales:
	Electrical		$	256,526		$	309,640
	Steel Structures			35,125			33,392
	Communications			29,337			28,340
	HVAC			21,063			25,576
	Total net sales		$	342,051		$	396,948
Segment earnings:
	Electrical		$	2,677		$	900
	Steel Structures			3,908			3,542
	Communications			4,087			(3,139	)
	HVAC			1,213			977
	Total reportable segment earnings			11,885			2,289
		Total reportable segment earnings—% of net sales		3.5	%		0.6	%
Provision—restructured operations				(1,265	)		—
Interest expense—net				(10,899	)		(9,969	)
Other (expense) income—net				(759	)		483
Loss before income taxes			$	(1,038	)	$	(7,197	)

THOMAS & BETTS CORPORATION AND SUBSIDIARIES
Recap of Manufacturing Efficiency and Consolidation Initiatives
(In thousands)
(Unaudited)

			4th Quarter 2001		1st Quarter 2002		Cumulative
Certain costs excluded from electrical segment earnings:
	Impairment charges on long-lived assets		$	30,041	$	—	$	30,041
	Provisions—restructured operations			11,666		1,265		12,931
	Cost of sales			3,047		—		3,047
		Total excluded from segment earnings		44,754		1,265		46,019
Certain costs reflected in electrical segment earnings:
	Cost of sales			4,321		11,024		15,345
		Total reflected in segment earnings		4,321		11,024		15,345
Total manufacturing plan costs			$	49,075	$	12,289	$	61,364

THOMAS & BETTS CORPORATION AND SUBSIDIARIES
Transitional Disclosures for
Statement of Financial Accounting Standards No. 142
(in thousands, except per share data)
(Unaudited)

		Quarter Ended
		March 31, 2002			April 1, 2001
					As reported			Add back Goodwill Amortization		As adjusted
Loss before income taxes		$	(1,038	)	$	(7,197	)	$	3,550	$	(3,647	)
	Income tax (benefit)		10,609			(2,231	)		23		(2,208	)
Net loss		$	(11,647	)	$	(4,966	)	$	3,527	$	(1,439	)
Net loss per common share:
	Basic	$	(0.20	)	$	(0.09	)	$	0.06	$	(0.03	)
	Diluted	$	(0.20	)	$	(0.09	)	$	0.06	$	(0.03	)
Segment Earnings:
	Electrical	$	2,677		$	909		$	2,669	$	3,578
	Steel Structures		3,908			3,542			513		4,055
	Communications		4,087			(3,139	)		12		(3,127	)
	HVAC		1,213			977			356		1,333
	Total reportable segment earnings		11,885			2,289			3,550		5,839
Provision—restructured operations			(1,265	)		—			—		—
Interest expense—net			(10,899	)		(9,969	)		—		(9,969	)
Other (expense) income—net			(759	)		483			—		483
Loss before income taxes		$	(1,038	)	$	(7,197	)	$	3,550	$	(3,647	)

THOMAS & BETTS CORPORATION AND SUBSIDIARIES
2001 Consolidated Statements of Operations Based on Current Year Presentation
(in thousands, except per share data)
(Unaudited)

			2001
			1st Quarter			2nd Quarter			3rd Quarter			4th Quarter			Total Year
Net sales			$	396,948		$	385,444		$	373,186		$	341,913		$	1,497,491
Cost of sales				305,063			292,112			288,738			293,851			1,179,764
	Gross margin			91,885			93,332			84,448			48,062			317,727
		Gross margin—% of net sales		23.1	%		24.2	%		22.6	%		14.1	%		21.2	%
Selling, general and administrative				93,030			88,577			85,600			73,840			341,047
	Selling, general and administrative—% of net sales			23.4	%		23.0	%		22.9	%		21.6	%		22.8	%
Impairment changes on long-lived assets				—			—			36,637			46,644			83,281
Provision—restructured operations				—			—			—			11,666			11,666
Earnings (loss) from operations				(1,145	)		4,755			(37,789	)		(84,088	)		(118,267	)
Income from unconsolidated companies				3,434			245			(1,542	)		62			2,199
Interest expense—net				(9,969	)		(10,529	)		(11,355	)		(10,047	)		(41,900	)
Other (expense) income—net				483			(2,246	)		(483	)		(26,825	)		(29,071	)
Loss before income taxes				(7,197	)		(7,775	)		(51,169	)		(120,898	)		(187,039	)
Income tax (benefit)				(2,231	)		(2,410	)		(5,558	)		(37,963	)		(48,162	)
Net loss from continuing operations			$	(4,966	)	$	(5,385	)	$	(45,611	)	$	(82,935	)	$	(138,877	)
Gain on sale of discontinued operations—net				—			—			—			(7,513	)		(7,513	)
Net loss			$	(4,966	)	$	(5,365	)	$	(45,611	)	$	(90,448	)	$	(146,390	)
Basic loss per share:
	Loss from continuing operations		$	(0.09	)	$	(0.09	)	$	(0.78	)	$	(1.43	)	$	(2.39	)
	Gain on sale of discontinued operations			—			—			—			(0.13	)		(0.13	)
	Net loss		$	(0.09	)	$	(0.09	)	$	(0.78	)	$	(1.56	)	$	(2.52	)
Diluted loss per share:
	Loss from continuing operations		$	(0.09	)	$	(0.09	)	$	(0.78	)		(1.43	)	$	(2.39	)
	Gain on sale of discontinued oeprations			—			—			—			(0.13	)		(0.13	)
	Net loss		$	(0.09	)	$	(0.09	)	$	(0.78	)	$	(1.56	)	$	(2.52	)
Average shares outstanding:
	Basic			58,039			58,149			58,150			58,150			58,116
	Diluted			58,039			58,149			58,150			58,150			58,116

NOTE: To conform to current year presentation, research and development costs have been reclassified to cost of sales and amortization of intangibles has been reclassified to selling, general and administrative.

THOMAS & BETTS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
(Unaudited)

		March 31, 2002		December 30, 2001
	ASSETS
Current assets:
	Cash and cash equivalents	$	185,941	$	234,843
	Marketable securities		6,364		6,982
	Receivables—net		188,665		188,160
	Inventories—net		193,527		192,079
	Income tax receivables		61,603		5,779
	Deferred income taxes		75,702		79,821
	Other current assets		61,686		62,639
Total current assets			773,488		770,303
Property, plant and equipment—net			299,760		309,080
Goodwill—net			473,656		473,871
Other intangible assets—net			897		959
Investments in unconsolidated companies			122,426		121,736
Deferred income taxes			—		50,148
Other assets			34,074		35,514
	Total assets	$	1,704,301	$	1,761,610
	LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
	Current maturities of long-term debt	$	107,885	$	54,002
	Accounts payable		117,611		120,688
	Accrued liabilities		131,234		176,959
	Income taxes payable		4,263		4,060
Total current liabilities			360,993		355,709
Long-term debt			557,964		618,035
Other long-term liabilities			105,052		104,581
Deferred income taxes			8,477		—
Shareholders' equity			671,815		683,285
	Total liabilities and shareholders' equity	$	1,704,301	$	1,761,610

QuickLinks

EXHIBIT 20.1

Consolidated Statements of Operations
Segment Information
Recap of Manufacturing Efficiency and Consolidation Initiatives
THOMAS & BETTS CORPORATION AND SUBSIDIARIES Transitional Disclosures for Statement of Financial Accounting Standards No. 142 (in thousands, except per share data) (Unaudited)
THOMAS & BETTS CORPORATION AND SUBSIDIARIES 2001 Consolidated Statements of Operations Based on Current Year Presentation (in thousands, except per share data) (Unaudited)
THOMAS & BETTS CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands) (Unaudited)