ELECTRICAL PARTS FIRM PLANS TO GO PUBLIC; POWER-ONE TO USE FUNDS TO CUT DEBT.Byline: Gregory J. Wilcox Wilcox may refer to: Place names in the United States
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Camarillo-based Power-One Inc., an electrical parts manufacturer formed in Chatsworth Chatsworth, estate, Derbyshire, central England, near Chesterfield. It is the seat of the dukes of Devonshire. Begun in 1552, the present Classical-style Chatsworth House was rebuilt in 1686. in 1972, hopes to raise about $60 million through an initial stock offering, the company said Monday Monday: see week. . Proceeds from the offering, priced at between $11 and $13 a share, will be used to reduce debt and pay for future acquisitions, said Ed Schnopp, Power-One's vice president for finance. Power-One filed its registration statement with the Securities and Exchange Commission last week and is in what is known as the ``quiet period,'' during which SEC regulations bar company executives from any promotional publicity. The offering is being underwritten by Stephens Inc., Robertson Stephens & Co. and Montgomery Securities. The stock offering is expected to be completed by late September or early October. This year, Power-One's sales are expected to top $87 million, an increase of about 15 percent from the 1996 level, Schnopp said. The company's main product is a device that converts electrical power from alternating current to direct current with the focus on industrial and telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. departments. These devices are commonly used in ATM and slot machines, Schnopp said. About 1,800 people work for the company at locations throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . Power-One incorporated in 1973 and moved to Camarillo Camarillo (kă'mərē`yō), city (1990 pop. 52,303), Ventura co., S Calif.; inc. 1964. It is the center of a fertile farm area where citrus fruits and flowers are grown. in the late 1970s. In 1993 it participated in a $1.9 million federal project to develop a new manufacturing process for electrical devices. |
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