Bel Acquires Array Connector
JERSEY CITY, N.J. -- August 21, 2013
Bel Fuse Inc. (NASDAQ:BELFA) (NASDAQ:BELFB) announced today that it has
acquired privately-held Array Connector Corporation, a manufacturer of
aerospace and mil-spec connector products for more than 20 years. Miami-based
Array Connector had revenue of approximately $10 million for 2012. The
acquisition is anticipated to be neutral to Bel's earnings this year and
accretive to earnings beginning in 2014.
"This is our fifth acquisition in the past 15 months, and the third
specifically targeted to support the growth of our Cinch Connector division.
With products including miniature 38999 connectors for military communications
applications, ARINC809/EN4165 connectors for in-flight entertainment
applications, and a line of filtered connectors primarily for
military/aerospace applications, the acquisition significantly expands Cinch's
product offerings. Array's modern machining and molding facilities increase
Cinch's production capacity, and the acquisition also brings new customers,
important intellectual property, and strong engineering capabilities. Combined
with our recently announced joint venture with Radiall and our other recent
acquisitions, we believe this will substantially strengthen Cinch's position
as a first tier provider to domestic and international aerospace, military and
commercial customers," said Daniel Bernstein, Bel's President and CEO.
Bel (www.belfuse.com) and its divisions are primarily engaged in the design,
manufacture, and sale of products used in high-speed data transmission,
commercial aerospace, military, transportation, and consumer electronics.
Products include interconnect devices (micro, circular and filtered D-Sub
connectors, passive jacks, plugs and high-speed cable assemblies), magnetics
(discrete components, power transformers and MagJack^® connectors with
integrated magnetics), modules (DC-DC converters, integrated analog front-end
modules and custom designs), and circuit protection (miniature, micro and
surface mount fuses). The Company operates facilities around the world.
Except for historical information contained in this press release, the matters
discussed in this press release (including the statements regarding the impact
of the acquisition on earnings and on the Company's business and regarding
growth opportunities) are forward looking statements that involve risks and
uncertainties. Among the factors that could cause actual results to differ
materially from such statements are: the market concerns facing our customers;
the continuing viability of sectors that rely on our products; the effects of
business and economic conditions; capacity and supply constraints or
difficulties; product development, commercializing 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 ability to integrate newly acquired
businesses; and the risk factors detailed from time to time in the Company's
SEC reports. In light of the risks and uncertainties, 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.
Neil Berkman Associates
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