Bel Fuse, engaged in design, manufacture and sale of products used in networking, telecommunications, high speed data transmission and consumer electronics, has acquired Cinch Connectors from Safran, a French industrial group, for approximately $37.5m in cash and approximately $1.5m for the assumption of certain expenses.
Headquartered in Lombard, Illinois and with manufacturing facilities in Vinita, Oklahoma, Reynosa, Mexico and Worksop, England, Cinch had revenue for 2009 of approximately $56m. Cinch manufactures a range of interconnect products for customers in the military and aerospace, computing, telecom/datacom, and transportation markets.
Dan Bernstein, president of Bel, said: “The addition of Cinch’s well-established lines of connector and cable products and extensive customer base provides Bel with immediate access to large and growing aerospace and military markets and strengthens Bel’s position as a one-stop supplier of high-performance computing, telecom and data products.”
The final purchase price remains subject to certain adjustments related to working capital. The transaction, which was funded with cash on hand, is expected to be accretive to Bel’s earnings in 2010.