Bel Completes Acquisition of Passive Components Business from Insilco.Business Editors JERSEY CITY, N.J.--(BUSINESS WIRE)--March 24, 2003 Bel Fuse Inc. (Nasdaq:BELFA)(Nasdaq:BELFB) announced today that it closed the previously announced acquisition of the passive components group from Insilco Technologies, Inc. On December 16, 2002, Bel announced a definitive agreement to acquire the assets of the passive components business from Insilco Technologies, Inc. for approximately $35 million in cash and the assumption of certain liabilities. The agreement to acquire the assets of Insilco Technologies subsidiaries Stewart Connector Systems, Inc., InNet Technologies, Inc., and Signal Transformer transformer, electrical device used to transfer an alternating current or voltage from one electric circuit to another by means of electromagnetic induction. Co., Inc., was approved by the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. , District of Delaware on March 7, 2003. The transaction has closed and the acquired businesses now operate as Bel companies. Daniel Bernstein, President, said, "The purchase of Insilco's passive components group is a logical strategic fit with Bel's current products and markets. We believe this acquisition strengthens Bel and enables us to offer a larger customer base a wider breadth of products. With the increased diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. of our product line, Bel becomes a more attractive supplier to current customers seeking a greater variety of products." To illustrate the strategic value of this acquisition, both Bel and the acquired Stewart Connector Systems are leaders in the high-growth Integrated Connector Module (ICM ICM Intercom ICM Integrated Crop Management ICM International Congress of Mathematicians ICM Information Classification and Management ICM Intelligent Contact Management (Cisco) ICM International Creative Management ) market. Consolidating the engineering, manufacturing and sales capabilities of Bel and Stewart will help improve Bel's product leadership and growth rate in this important market. Bel's expertise in electrical engineering electrical engineering: see engineering. electrical engineering Branch of engineering concerned with the practical applications of electricity in all its forms, including those of electronics. and high-volume, low-cost manufacturing complements Stewart's strengths in mechanical design and engineering. As an example of the increased diversification this brings to Bel's product line, the Signal Transformer acquisition adds a new market -- custom and high-frequency transformers -- and thousands of new customers to Bel's business. Additionally, Bel expects to leverage the well-established Signal Transformer brand name to develop a magnetics distribution business serving current customers who are looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. a "one-stop magnetics shop" specializing in lower-volume builds and orders." The acquisition also increases Bel's manufacturing capacity, especially in China, where expansion plans were already underway to meet the growing demand for Bel products. The enhanced manufacturing capacity and the acquisition of Insilco's passive components group is expected to increase Bel's market presence and customer base in Europe. In combination with the December 23, 2002 acquisition of the Communications Products Division of APC (1) (American Power Conversion Corporation, West Kingston, RI, www.apcc.com) The leading manufacturer of UPS systems and surge suppressors, founded in 1981 by Rodger Dowdell, Neil Rasmussen and Emanual Landsman, three electronic power engineers who had worked at MIT. , we expect that Bel's reach and results should improve in key European and world markets. "We are very pleased to welcome the Insilco passive component group of companies and their customers to Bel and we look forward to quickly integrating the businesses and providing a greater range of high-quality products to current and new customers," concluded Bernstein. About Bel Bel (www.BelFuse.com) and its subsidiaries are primarily engaged in the design, manufacture and sale of products used in networking, telecommunications, high speed data transmission, automotive and consumer electronics. Products include magnetics and connectors for voice and data transmission, fuses, DC/DC converters, delay lines and hybrid circuits A circuit that contains different types of circuitry or chips. See mixed signal and hybrid microcircuit. . The Company operates facilities around the world. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Except for historical information contained in this news release, the matters discussed, are forward looking statements that involve risks and uncertainties. Among the factors that could cause actual results to differ materially from such statements are: the market concerns facing our customers, the continuing viability of sectors that rely on our products, the effect of business and economic conditions; capacity and supply constraints CONSTRAINTS - A language for solving constraints using value inference. ["CONSTRAINTS: A Language for Expressing Almost-Hierarchical Descriptions", G.J. Sussman et al, Artif Intell 14(1):1-39 (Aug 1980)]. or difficulties; product development, commercializing or technological difficulties; the regulatory and trade environment; the market's acceptance of the Company's new products and competitive responses to those new products, and the risk factors detailed from time to time in the Company's SEC reports. |
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