Bel Fuse Inc. will acquire the Power-One Power Solutions business of ABB Ltd. in a $117 million cash deal, the companies announced.
Power Solutions is a leading provider of high-efficiency and high-density power conversion products for server, storage and networking equipment, industrial applications and power systems. Its products include standard, modified standard, and custom designed AC/DC, DC/DC and other specific power conversion products for a variety of applications.
Power Solutions, which had sales of $251 million in 2013, has a global sales footprint and a diverse customer base that includes some of the largest corporations and distributors in the world.
Daniel Bernstein, Bel’s president and CEO, said the acquisition of Power Solutions was a major step forward in the development of Bel’s power business.
“We believe that the combination of our two respective power businesses will create a dynamic enterprise capable of competing effectively on a global basis,” he said.
Power Solutions is headquartered in San Jose, California and has manufacturing facilities in Slovakia and China. Bel is based in Jersey City, N.J.
The acquisition is subject to regulatory approvals and other customary closing conditions and is expected to close in the second quarter.