Bel Fuse Inc. has entered into a definitive agreement to acquire the Power-One Power Solutions business of ABB Ltd. Bel will pay approximately $117-million in cash to acquire the Power Solutions business, which had 2013 revenue of approximately $251-million. The acquisition, which is subject to regulatory approvals and other customary closing conditions, is expected to close in the second quarter of 2014.
Headquartered in San Jose CA, and with manufacturing facilities in Slovakia and China, Power Solutions is a leading provider of high-efficiency and high-density power conversion products for server, storage and networking equipment, industrial applications and power systems. Power Solutions provides a line of standard, modified-standard and custom designed ac-dc, dc-dc and other specific power conversion products for a variety of technologies in data centers, telecommunications and industrial applications.
“The acquisition of Power Solutions is a major step forward in the development of Bel’s power business and the implementation of our strategy to enhance growth and profitability for our shareholders,” says Daniel Bernstein, Bel president and CEO. “Since 2009, we have believed that the combination of our two respective power businesses would create a dynamic enterprise capable of competing effectively on a global basis.”