Bel Fuse Inc. (NASDAQ:BELFA) (NASDAQ:BELFB)
announced today that it closed the acquisition of Gigacom Interconnect AB, Gothenburg, Sweden, a leading supplier of expanded beam fiber optic technology and a leading participant in the development of next-generation commercial aircraft standards. Terms of the transaction were not disclosed.
Noting that Gigacom will become part of Bel's Cinch Connectors business, Daniel Bernstein, Bel's President and CEO, said, "This acquisition is in line with our strategy to focus on high value added, non-commodity components. Gigacom's offering of expanded beam fiber optic products, which are replacing traditional copper-based components due to their superior performance, reliability and lighter weight, will enhance Cinch's position in growing aerospace and military markets."
Founded in 1996, Gigacom Interconnect was a division of Gigacom AB, Gothenburg, Sweden, a leading supplier of fiber optic components.
) and its divisions are primarily engaged in the design, manufacture, and sale of products used in networking, telecommunications, high-speed data transmission, commercial aerospace, military, transportation, and consumer electronics. Products include magnetics (discrete components, power transformers and MagJack® connectors with integrated magnetics), modules (DC-DC converters, integrated analog front-end modules and custom designs), circuit protection (miniature, micro and surface mount fuses) and interconnect devices (micro, circular and filtered D-Sub connectors, passive jacks, plugs and high-speed cable assemblies). The Company operates facilities around the world.
Except for historical information contained in this press release, the matters discussed in this press release (including the statements
regarding the effects and costs of, and the anticipated savings resulting from, Bel's streamlining activities,
the time required to implement such streamlining activities and anticipated changes in product offerings) are forward looking statements that involve risks and uncertainties.
Among the factors that could cause actual results to differ materially from such statements are: the market concerns facing our customers; the continuing viability of sectors that rely on our products; the effects of business and economic conditions; capacity and supply constraints or difficulties; product development, commercializing or technological difficulties; the regulatory and trade environment; risks associated with foreign currencies; uncertainties associated with legal proceedings; the market's acceptance of the Company's new products and competitive responses to those new products; and the risk factors detailed from time to time in the Company's SEC reports.
In light of the risks and uncertainties, there can be no assurance that any forward-looking statement will in fact prove to be correct. We undertake no obligation to update or revise any forward-looking statements.