Bel Receives Court Approval to Acquire Passive Components Business from Insilco; Acquisition to Close by March 31, 2003.Business Editors JERSEY CITY, N.J.--(BUSINESS WIRE)--March 10, 2003 Bel Fuse Inc. (Nasdaq:BELFA) (Nasdaq:BELFB) announced today that on March 7, 2003, 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 approved the Company's previously announced acquisition of the passive components group from Insilco Technologies, Inc. Subject to certain customary procedures, Bel currently expects the acquisition to be completed before the end of March, 2003. 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 proposed 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. Insilco's passive components business designs, manufactures and sells transformers and connectors, among other products. As Insilco disclosed in its 10-Q for the period ended September 2002, net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for its passive components segment during the nine month period ended September 27, 2002 were $52.6 million. About Bel Bel (www.BelFuse.com) and its subsidiaries are primarily engaged in the design, manufacture and sale of products used in networking, telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , 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. |
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