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CHARTER POWER PROPOSES TO ACQUIRE RATELCO MANUFACTURING UNIT

 CHARTER POWER PROPOSES TO ACQUIRE RATELCO MANUFACTURING UNIT
 PLYMOUTH MEETING, Pa., May 13 /PRNewswire/ -- Charter Power Systems, Inc. (AMEX: CHP), a leading producer and marketer of standby power batteries and power electronics systems for the telecommunications industry, announced today it has signed a letter of intent to acquire the business and certain assets of the Ratelco Manufacturing Division of Ratelco, Inc.
 Ratelco Manufacturing, based in Seattle, designs and manufactures power electronics equipment such as precision battery chargers, DC power boards, converters, monitors and switchgear and control equipment for regional Bell companies, major independent telephone companies, microwave communications companies and utilities. The value of the proposed cash transaction was not disclosed.
 "The synergies between Ratelco's power electronics product lines and our company's manufacturing and marketing capabilities make for a strategically perfect fit," said Robert Alvine, chairman and chief executive officer of Charter Power Systems, Inc. "This acquisition would expand and broaden our company's growing power electronics business, adding approximately $10 million in annual sales," he said. Charter Power's total sales in fiscal 1991 were $151 million.
 Subject to the satisfactory completion of Charter Power's due diligence, a definitive purchase agreement is expected to be entered into within 45 days.
 /delval/
 -0- 5/13/92
 /CONTACT: Donald L. Nevins Jr. (financial), 215-834-7334, or Yanis Bibelnieks (shareholders), 212-949-2295, both of Charter Power Systems/
 (CHP) CO: Charter Power Systems, Inc.; Ratelco, Inc. ST: Pennsylvania, Washington IN: SU: TNM


MK-JS -- PH042 -- 9830 05/13/92 15:19 EDT
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Publication:PR Newswire
Date:May 13, 1992
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