Bel closes acquisition of TE's Transpower business

Bel paid approximately USD 22.4 million in cash to acquire the business, which had trailing twelve month revenue of approximately USD 75 million and employs approximately 2,500 people at its 237,000 square foot manufacturing facility in Changping,China. The acquisition is expected to be accretive to Bel’s earnings beginning in the second quarter of 2013. Daniel Bernstein, Bel’s President and CEO, said, “By solidifying Bel’s position as a world leader in ICMs, this acquisition is a major step forward in our strategy to increase Bel’s growth and profitability in both the short and long term." “Trading under the name TRPInternational, we expect Bel’s new division to double our sales of ICMs and related components. We also will benefit from various manufacturing, purchasing and engineering synergies that will enable us to further improve Bel’s cost structure and enhance our competitive position in this market. By selecting Bel as the acquiring company, TE showed its confidence that Bel will provide the same high level of service to customers that continue to purchase from both our companies. Demonstrating our commitment to this goal, Bel will retain the Changping manufacturing facility and key associates who support the business unit,” Bernstein added.