World News: 20:14 GMT Tuesday 3rd December 2019. [Bel Fuse Inc. via Globe Newswire via SPi World News]
JERSEY CITY, N.J., Dec. 03, 2019 (GLOBE NEWSWIRE) -- . (“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 closed on its previously-announced asset purchase agreement (the “Agreement”) with CUI Global Inc. (Nasdaq:CUI) related to the purchase of the majority of the power business of CUI Inc.
The acquired business had trailing twelve-month sales of approximately $37 million and is expected to be accretive to Bel’s consolidated net earnings by the second quarter of 2020. Gross margins (unaudited) are higher than Bel’s historical range, and the combination is expected to yield annual cost synergies of approximately $500,000. Bel will continue to operate the business from CUI Inc.’s leased ISO 9001:2015-certified facility in Tualatin, Oregon.
The Company paid $32 million in cash for the CUI Inc. power business acquired under the terms of the Agreement.
Globe Newswire: 20:14 GMT Tuesday 3rd December 2019
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