Electronics Production |
Bel Fuse to acquire Cinch Connectors
Bel Fuse has agreed to acquire Cinch Connectors from Safran S.A., a French industrial group, for $37.5 million in cash plus approximately $1.5 million for the assumption of certain expenses.
The transaction will be funded with cash on hand. Cinch had revenue for 2009 of approximately $60 million. Cinch manufactures a broad range of interconnect products for customers in the military and aerospace, high-performance computing, telecom/datacom, and transportation markets. Cinch's products include CIN::APSE & iQ, Omega, Dura-Con, Cables, Header & Harness Connectors, ModICE & ICE, and AMC Connectors, as well as miniature ribbons, D-subminiature connectors, Filtered D-subminiatures, barrier blocks and jones plugs & sockets.
"Cinch's products and manufacturing assets are a natural addition to Bel's, and we see attractive growth opportunities in the combination of our extensive customer bases. We expect this acquisition to close in early 2010, and to be accretive to Bel's earnings in 2010." said Daniel Bernstein, President of Bel.
