MagneTek Acquires Hungarian Electric Motor Manufacturer.NASHVILLE Nashville, city (1990 pop. 487,969), state capital, coextensive with Davidson co., central Tenn., on the Cumberland River, in a fertile farm area; inc. as a city 1806, merged with Davidson co. 1963. , Tenn.--(BUSINESS WIRE)--Oct. 11, 1996--MagneTek, Inc. (NYSE NYSE See: New York Stock Exchange : MAG (MAGnetic) A common abbreviation for magnetic. For example, "mag tape" means magnetic tape. ) today announced the acquisition of an electric motor manufacturing business from the Hungarian government. Located in Cegled, Hungary, 70 kilometers (43 miles) southeast of Budapest, the business includes a fully operational 17,500-square-meter (157,000-square-foot) industrial center which manufactures and markets fractional-horsepower motors for a range of commercial applications. While the acquisition was for cash, specific terms of the transaction were not announced. The Cegled operation complements MagneTek's existing integral-horsepower motor factory located in Budapest, as well as its residential fractional-horsepower motor plant in Gainsborough, England, enabling the company to offer a full line of IEC (International Electrotechnical Commission, Geneva, Switzerland, www.iec.ch) An organization that sets international electrical and electronics standards founded in 1906. It is made up of national committees from over 60 countries. IEC - International Electrotechnical Commission metric motors in frame sizes from 63 through 200 (.12 to 30 kilowatts) to customers throughout the world. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. MagneTek officials, the Cegled facility has a profitable base of business and is expandable on over 15 acres of land. MagneTek manufactures integrated electrical products(a), including electric motors and variable-speed drives, power supplies and lighting products for a wide range of commercial and industrial applications. The company reported sales of $1.2 billion for its fiscal year ended June 30, 1996. (a) Integrated electrical products combine magnetic and electronic components for optimum performance in defined applications. Performance characteristics include product size and weight, energy efficiency, power quality, controllability and cost. CONTACT: MagneTek, Inc., Nashville Robert Murray Robert Murray is the name of:
or bmurray@magnetek.com |
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