Bel Announces Agreement to Purchase CUI Power Assets
Bel Fuse Inc. (“Bel,” or, “the Company”) (Nasdaq:BELFA and Nasdaq:BELFB), a leading supplier of products that power, protect and connect electronic circuits, announced that the Company.
- (1888PressRelease) December 06, 2019 - Hong Kong - Bel Fuse Inc. (“Bel,” or, “the Company”) (Nasdaq:BELFA and Nasdaq:BELFB), a leading supplier of products that power, protect and connect electronic circuits, announced that the Company has entered into an asset purchase agreement (the “Agreement”) with CUI Global Inc. (Nasdaq:CUI), in which CUI will sell the majority of its Power business (the “CUI Power Business”) to Bel for $32.0 million, plus the assumption of certain liabilities and subject to closing working capital adjustments.
Based in Tualatin, Oregon, the CUI Power Business, a division of CUI Global Inc., had TTM sales of approximately $37 million with products and distribution that offer strong opportunities for growth.
Daniel Bernstein, CEO of Bel, said, "The CUI Power Business' extensive product portfolio and distribution channel fits squarely within our growth strategy. Their product portfolio will round out Bel's current Power Products offering, allowing us to better address all our customer power needs. In addition, we look forward to utilizing CUI's success with the electronic catalog distributors throughout the Bel\Cinch product groups and capitalizing on CUI’s enviable strong relationship with these distributors. Electronic Catalog Distributors are playing a vital role in demand creation, and over the past four years this segment has been our fastest growing business. The combination of Bel and the CUI Power Business will substantially strengthen our Power Group and unite complementary capabilities, sales channels and customer relationships.”
As an authorized distributor for Bel, Heilind Asia provides Bel’s products and also value added services. Heilind Asia supports both original equipment and contract manufacturers in all market segments of the electronics industry, stocking products from the industry’s leading manufacturers in 25 component categories, with a particular focus on interconnect, electromechanical, fastener/hardware and sensor products.
About Heilind Electronics:
Founded in 1974, Heilind Electronics, Inc. (http://www.heilind.com) is one of the world's leading distributors of connectors, relays, switches, thermal management & circuit protection products, terminal blocks, wire & cable, wiring accessories, insulation & identification, fastener/hardware and sensor products. Heilind has over 40 facilities in the United States, Canada, Mexico, Brazil, Germany, Hong Kong, Singapore and Mainland China.
Heilind Asia Pacific (www.heilindasia.com) commenced operations in Dec 2012, and now has 23 locations throughout Asia. Its industry leading service offering to customers in Asia Pacific is the result of a commitment to the belief of “Distribution As It Should Be”. Learn more at www.heilindasia.com and on Facebook, WeChat, Weibo and Twitter.
About Bel:
Bel (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.
Press Contact:
sarah luo
Heilind Asia Pacific
RM 1707-10,DELTA HOUSE,3 ON YIU ST
26119634
http://www.heilindasia.com/
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