DES PLAINES, Illinois, July 8, 2003 - Littelfuse, Inc. (NASDAQ/NMS:LFUS) today announced it has acquired Teccor Electronics, Inc. from a subsidiary of Invensys plc for $44 million in cash plus a future payment of $5 million contingent on sales of Teccor products reaching $107 million for calendar year 2005.
Teccor, based in Irving, Texas, has annual global sales of approximately $75 million. Teccor制造并销售面向电信和工业市场的半导体产品。 The company manufactures two product groups: a line of transient voltage suppressor devices and a line of power switching devices. Teccor has the number one market share position in North America and is in the top three globally for both product categories.
"We are pleased to welcome Teccor to the Littelfuse family," said Howard B. Witt, Chairman, President and Chief Executive Officer. "The addition of Teccor's market-leading line of overvoltage products solidifies our position as the global leader in circuit protection," added Witt.
"This strategically important acquisition deepens our overvoltage protection offering and strengthens our position in the telecom and industrial market segments," said David Samyn, General Manager, Electronics Division. "Teccor's complementary products and value added approach to selling will augment Littelfuse's capabilities as the world's leading provider of circuit protection solutions."
"The last two years have been challenging for Teccor due to their telecom exposure, but both sales and profitability are improving," said Phil Franklin, Vice President, Treasurer and Chief Financial Officer. "We have an aggressive integration plan that is expected to result in $8-10 million in annual savings within two years. Related to this plan, we will be accruing approximately $6 million for restructuring charges on the opening balance and spending approximately $6 million in capital. Additionally, we will spend approximately $7 million after closing to buy out equipment leases. We estimate that this acquisition will be about $0.10 dilutive to earnings for the remainder of 2003, be roughly neutral to earnings for 2004 and significantly accretive to earnings for 2005."
“Despite the near-term challenges, this is the right move for Littelfuse,” said Witt. “We are confident in our ability to execute on the cost reduction plan, and both the Littelfuse and Teccor teams are excited about the opportunities that will be created by bringing these two market leaders together.”
Littelfuse是一家提供众多业内电路保护产品的全球性公司。 除了位于德斯普兰斯的全球总部以外，Littelfuse的制造中心遍布英国、爱尔兰、瑞士、墨西哥、中国、菲律宾，以及伊利诺伊州的森特拉利亚、德斯普兰斯和阿科拉。 It also has sales, engineering and distribution facilities in the Netherlands, Singapore, Hong Kong, Taiwan, Japan, Korea and Brazil.
关于Littelfuse Littelfuse公司成立于1927年，是一家电路保护领域的全球领先企业，向业界提供最广泛、最尖端的电路保护产品及解决方案产品组合。 Littelfuse生产的设备可为市场上包括消费电子产品、汽车和工业设备在内的几乎所有耗电产品提供保护。 除了位于美国伊利诺伊州芝加哥的全球总部以外，Littelfuse在美洲、欧洲和亚洲还拥有20多个销售、分销、制造和工程部门。Littelfuse提供的技术包括 保险丝; 气体放电管（GDT）; 正温度系数器件（PTC）; 继电器控制与系统; PulseGuard® ESD抑制器; SIDACtor®保护晶闸管; 瞬态抑制二极管阵列（SPA™系列产品）; 开关型晶闸管; 瞬态抑制二极管 和 压敏电阻。公司还提供品种齐全、可靠性极高的 机电和电子开关及控制设备， 适用于商业及特种车辆；另外还提供地下 配电产品。
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