Business
Bel Announces Closing Acquisition of EOS
JERSEY CITY, N.J., March 31, 2021 (GLOBE NEWSWIRE) -- Bel Fuse Inc. (“Bel,” or, “the Company”) (Nasdaq:BELFA and Nasdaq:BELFB), a leading supplier of products
About this update from Bel Fuse Inc.
[{"type":"text","content":"JERSEY CITY, N.J., March 31, 2021 (GLOBE NEWSWIRE) -- 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 it has closed on its previously announced acquisition of EOS, of Mumbai, India, effective March 31, 2021. Consideration of $7 million, was funded with cash on hand. EOS had 2020 (annual) sales of approximately $12 million and operates a 56,000 square foot facility, with ~400 associates, located in Mumbai, India. We expect EOS to play a key role in Bel’s penetration of certain industrial and medical markets currently being served by EOS, with a strong line of high-power density and low-profile products with high convection ratings. The EOS business will report into Bel’s Power Solutions & Protection group. Dan Bernstein, Bel’s CEO commented, “We look forward to adding EOS’ complementary products to our suite of offerings that we can provide for our customers. In addition to the new products and customers we will gain, we’re also excited to add another facility that allows for the potential of additional supply chain efficiencies for Bel. Also importantly, we expect this transaction to be EBITDA accretive to our financial performance beginning in the second quarter of 2021. EOS is another example of our ability to move quickly on strategic acquisitions supported with ample availability of both cash and credit lines.” 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 a...