Bel Acquires rms Connectors, Inc.
January 13 2021 - 12:01PM
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 acquired rms Connectors, Inc. (“rms
Connectors”), from rms Company Inc., a division of Cretex
Companies, Inc. rms Connectors is a highly regarded connector
manufacturer with over 30 years of experience producing harsh
environment circular connectors used in a variety of Military and
Aerospace applications. With Bel working closely with Cretex, we
were able to move from letter of intent to a definitive purchase
agreement in less than two months over the holiday season. This
marks Bel’s second acquisition announcement this week.
Daniel Bernstein, CEO of Bel, stated, “This
acquisition perfectly complements the existing Military and
Aerospace product portfolio under Bel’s Cinch Connectivity
Solutions group by expanding its offering of Mil-Spec qualified
connectors, including the addition of the MIL-DTL-83723 Series III
connector family. The rms Connectors products, capabilities, and
reputation for quality align with Cinch’s core strategy of properly
positioning ourselves to support our key customers and increase
revenue in the Military and Aerospace market segment.”
Bernstein added, “We anticipate a smooth
transition as we integrate rms Connectors operations into the Cinch
Connectivity facilities. The two companies have a similar customer
base and many common distribution and supplier partners. We look
forward to expanding these relationships as well as leveraging the
combined manufacturing resources to improve our operational
efficiency.”
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.Forward-Looking StatementsExcept for
historical information contained in this press release, the matters
discussed in this press release (including the statements regarding
the anticipated impact of the rms Connectors, Inc. acquisition on
Bel's growth and on Bel's competitive position; the expected
effects of the acquisition on distribution channels, sales
channels, addressing customer needs, and strengthening
relationships with distributors and customers; and the anticipated
impact of the acquisition on demand creation and future sales of
products) are forward-looking statements (as described under the
Private Securities Litigation Reform Act of 1995) that involve
risks and uncertainties. Actual results could differ materially
from Bel's projections. Among the factors that could cause actual
results to differ materially from such statements are: the market
concerns facing the Company’s customers; the continuing viability
of sectors that rely on the Company’s products; the effects of
business and economic conditions; difficulties associated with
integrating previously acquired companies; capacity and supply
constraints or difficulties; product development, commercialization
or technological difficulties; the regulatory and trade
environment; risks associated with foreign currencies;
uncertainties associated with legal proceedings; the market's
acceptance of the Company's new products and competitive responses
to those new products; the Company’s ongoing evaluation of the
consequences of the U.S. Tax Cuts and Jobs Act; the impact of
changes to U.S. trade and tariff policies; and the risk factors
detailed from time to time in the Company's SEC reports. In light
of the risks and uncertainties impacting Bel’s business, there can
be no assurance that any forward-looking statement will in fact
prove to be correct. We undertake no obligation to update or revise
any forward-looking statements.
Investor Contact:Peter
Seltzberg, Managing DirectorDarrow Associatestel
516.419.9915pseltzberg@darrowir.com
Company Contact:Daniel
Bernstein President ir@belf.com
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