Bel Announces Agreement to Purchase EOS Power
January 12 2021 - 8:01AM
Bel Fuse Inc. (“Bel,” or, “the Company”)
(Nasdaq:BELFA and Nasdaq:BELFB), a leading supplier of products
that power, protect and connect electronic circuits, today
announced that the Company has entered into an agreement (the
“Agreement”) with EOS Power Panama Inc. to acquire substantially
all of the issued and outstanding shares of EOS Power India Private
Ltd.. The Agreement calls for the assumption of certain liabilities
and is subject to closing working capital adjustments. Based in
Mumbai, India, the EOS business had trailing twelve-month sales of
approximately $15 million, and manufactures power products that are
well known in the market and the distribution channels.
Daniel Bernstein, CEO of Bel, said "Our strategy
to increase Bel's Power Solution presence in the industrial and
medical markets led us to acquire CUI last year and the addition of
EOS fits squarely into this plan. EOS has developed a strong line
of high-power density and low-profile products with high convection
ratings that support these same markets. We have worked with EOS
over the past five years in marketing these products, and under our
guidance, we are confident that we will be able to increase our
revenue within Bel's distribution partners and customers.
Importantly, this acquisition will allow Bel to extend its
manufacturing footprint outside of China through a turnkey
operation that has an established local supply chain and onsite
technical expertise for design and manufacturing. It will also
allow us to better address the fast-growing India market with all
Bel products."
The all-cash transaction is expected to close in
the first quarter of 2021, and will be funded with available cash
on hand, some or all of which may be sourced from our revolving
credit facility.
23rd Annual Needham Growth Conference
(Virtual) on January 11-15, 2021:Bel would like to remind
investors that Daniel Bernstein, Chief Executive Officer, Craig
Brosious, VP of Finance, Lynn Hutkin, Director of Financial
Reporting, and Dennis Ackerman, President of Bel’s Power Solutions
and Protection group will be available for meetings for the
entirety of January 15, 2021, as participants in the 23rd Annual
Needham Growth Conference.
Interested parties may schedule a one-on-one meeting in advance
of the conference through the Needham on-line meeting platform, or
by contacting Peter Seltzberg, Investor Relations for Bel. A
30-minute group presentation is additionally scheduled to begin at
1:15 PM (Eastern Time) on January 15, 2021 for attendees. The group
presentation will be broadcast over the internet, and will be
available on the investor relations portion of Bel’s website in the
Events and Presentations Section.
About BelBel (www.belfuse.com)
designs, manufactures and markets a broad array of products that
power, protect and connect electronic circuits. These products are
primarily used in the networking, telecommunications, computing,
military, aerospace, transportation and broadcasting industries.
Bel's product groups include Magnetic Solutions (integrated
connector modules, power transformers, power inductors and discrete
components), Power Solutions and Protection (front-end, board-mount
and industrial power products, module products and circuit
protection), and Connectivity Solutions (expanded beam fiber optic,
copper-based, RF and RJ connectors and cable assemblies). The
Company operates facilities around the world.
Investor Contact:Peter Seltzberg, Managing
DirectorDarrow Associatestel
516.419.9915pseltzberg@darrowir.com
Company Contact:Daniel
Bernstein President ir@belf.com
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