Bel Agrees to Acquire Cinch Connectors from Safran S.A. for $39 Million
Bel Fuse Inc. announced that it has agreed to acquire Cinch Connectors from Safran S.A., a leading French industrial group, for $37.5 million in cash plus approximately $1.5 million for the assumption of certain expenses. The transaction will be funded with cash on hand.
Headquartered in Lombard, Illinois and with manufacturing facilities in Vinita, Oklahoma, Reynosa, Mexico and Worksop, England, Cinch had revenue for 2009 of approximately $60 million.
Cinch manufactures a broad range of interconnect products for customers in the military and aerospace, high-performance computing, telecom/datacom, and transportation markets. Cinch’s products include CIN::APSE & iQ, Omega, Dura-Con, Cables, Header & Harness Connectors, ModICE & ICE, and AMC Connectors, as well as miniature ribbons, D-subminiature connectors, Filtered D-subminiatures, barrier blocks and jones plugs & sockets.
"Cinch stands out in the highly fragmented connector market because of its innovative technologies, breadth of product offerings, outstanding customer service, and exceptional product performance," said Daniel Bernstein, President of Bel. "Cinch’s products and manufacturing assets are a natural addition to Bel’s, and we see attractive growth opportunities in the combination of our extensive customer bases. We expect this acquisition to close in early 2010, and to be accretive to Bel’s earnings in 2010."