Artesyn Technologies Acquires Azcore Technologies

August 17, 2000 by Jeff Shepard

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."