Bel Completes Acquisition of Cinch Connectors for $39 Million
Bel Fuse Inc. announced that it closed the previously announced acquisition of Cinch Connectors from Safran S.A. for approximately $37.5 million in cash plus approximately $1.5 million for the assumption of certain expenses. The final purchase price remains subject to certain adjustments related to working capital. The transaction, which was funded with cash on hand, is expected to be accretive to Bel’s earnings in 2010.
"The addition of Cinch’s well-established lines of connector and cable products and extensive customer base provides Bel with immediate access to large and growing aerospace and military markets and strengthens Bel’s position as a one-stop supplier of high-performance computing, telecom and data products," said Dan Bernstein, President of Bel.
Founded in 1920 and headquartered in Lombard, Illinois and with manufacturing facilities in Vinita, Oklahoma, Reynosa, Mexico and Worksop, England, Cinch had revenue for 2009 of approximately $56 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.
