Artesyn Technologies Acquires Azcore Technologies
Artesyn Technologies (Boca Raton, FL) announced that it has acquired privately held Azcore Technologies (Tucson, AZ). Azcore focuses exclusively on fast-growing markets, which require high-efficiency dc/dc converters with a special emphasis on surface-mountable board-level products. The all-cash acquisition, which will be accounted for as a purchase transaction, includes fixed payments of approximately $5.8 million and additional contingent earn-out payments through 2001 valued at approximately $8.0 million. The transaction is expected to be accretive to Artesyn's cash earnings net income in 2001.Joe O'Donnell, CEO and chairman of the board, stated, "Azcore's product range and design team are a perfect fit with Artesyn's strategy of focusing on standard dc/dc converter design for DPA. The immediate addition of a wide-range portfolio of SMT and high-density half- and quarter-brick converters complements Artesyn's existing product range very well."