Ault Announces Strategic Acquisition of Power GeneralJuly 15, 2002 by Jeff Shepard
Ault Inc. (Minneapolis, MN) announced the acquisition of the operating assets of the Power General division of Nidec America Corp. (Canton, MA), which specializes in custom ac/dc power supplies and dc/dc products. Under the terms of the asset purchase, Ault paid Nidec $366,000 cash and issued $2,074,000 face amount of its seven-percent convertible preferred stock. Ault will maintain Power General’s engineering group in Massachusetts and move Power General’s manufacturing operations to existing Ault facilities in North America and Asia in six months.
"We welcome Power General into the Ault family and are pleased to continue their established record of customer service and engineering excellence," stated Ault President and CEO Fred Green. "The addition of Power General will benefit Ault in a number of ways. First, the additional engineering capabilities enhance product development. Second, the acquisition brings greater product breadth to Ault through the addition of ac/dc power supplies and dc/dc converter products. This broader offering affords Ault new business opportunities previously unavailable due to a lack of an internal power supply offering."