JERSEY CITY, NEW JERSEY, March 22, 2005 -- Bel Fuse Inc. (NASDAQ:BELFA & NASDAQ:BELFB) announced today that it closed the previously announced acquisition of Galaxy Power Inc., (www.galaxypwr.com) a privately-held Westborough, MA-based designer and manufacturer of high-density dc-dc converters for distributed power and telecommunications applications.
"This acquisition will complement our strong product line of non-isolated converters with Galaxy's line of high-density isolated converters, creating a combined product portfolio which will help make Bel a formidable competitor in the dc-dc power converter market," said Daniel Bernstein, president of Bel Fuse.
On March 4, 2005, Bel announced a definitive agreement to acquire Galaxy Power for approximately $18 million in cash and the assumption of approximately $2 million in liabilities. Unaudited net sales for Galaxy Power during the year ended December 31, 2004 were approximately $18.6 million and its unaudited net income for 2004 was approximately $0.8 million. This acquisition has now closed and is expected to be immediately accretive to Bel shareholders.
Bel (www.BelFuse.com) and its subsidiaries are primarily engaged in the design, manufacture and sale of products used in networking, telecommunications, high speed data transmission, automotive and consumer electronics. Products include magnetics (discrete components, power transformers and MagJack®s) modules (dc-dc converters, integrated analog front end modules, custom designs), circuit protection (miniature, micro and surface mount fuses) and interconnect devices (passive jacks, plugs and cable assemblies). The Company operates facilities around the world.
"Forward-Looking" Statements are omitted