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CHARTER POWER SYSTEMS PLANS TO ACQUIRE ELECTRONICS PRODUCER

 CHARTER POWER SYSTEMS PLANS TO ACQUIRE ELECTRONICS PRODUCER
 PLYMOUTH MEETING, Pa., July 17 /PRNewswire/ -- Charter Power Systems, Inc. (AMEX: CHP), a producer and marketer of integrated battery power systems, announced today that it has signed a letter of intent to acquire PECO II, Inc.
 PECO, based in Galion, Ohio, produces electronics equipment such as chargers, converters, monitors and switchgear and control equipment used in telecommunications by the regional Bell operating companies and independent communications companies.
 Subject to the satisfactory completion of Charter Power's due diligence, a definitive purchase agreement is expected to be entered into within two months. The value of the proposed cash transaction was not disclosed.
 Robert Alvine, chairman and chief executive officer of Charter Power, stated, "The PECO acquisition is a companion to our previously announced pending acquisition of the business and certain assets of the Ratelco Manufacturing Division of Ratelco, Inc., which is expected to be completed within a similar time frame. The prospective combination of the businesses of these two standby power electronics manufacturers, together with elements of our own business, in PECO's sizable modern facility is part of our total strategy to enhance the growth and profitability of our power electronics business for the standby market."
 /delval/
 -0- 7/17/92
 /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.; PECO II, Inc. ST: Pennsylvania, Ohio IN: SU: TNM


MP-MK -- PH023 -- 0306 07/17/92 14:15 EDT
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Publication:PR Newswire
Date:Jul 17, 1992
Words:248
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