Lite-On Acquires US-Based Power Innovations
The Board of Directors of Lite-On Technology has approved a cash acquisition of 100% stake of Power Innovations International Inc., a private U.S. company offering power management solutions for a wide variety of market segments, including aviation, exploration, military, emergency services, industrial and medical applications worldwide. The acquisition is expected to further strengthen Lite-Onâ€™s power management and system integration capabilities in Cloud Computing.
Headquartered in American Fork, Utah, Power Innovations has achieved increasing market presence in customized power solutions, with complete remote power notification and management capabilities. With business growth of more than 40% per annum in recent years, Power Innovations is continually expanding and improving its power quality and management products to facilitate easier integration with its power independence focus. Key customers include commercial, military, government, and oil exploration and homeland security customers.
â€œWith the steady increase in demand in the global market of cloud computing applications, Lite-On has posted a stable revenue growth with profits in recent years, thanks to ongoing market share gains in high-end Networking Devices and Server Power Management Systems. Acquisition of Power Innovations provides well diversification of UPS technology into global industrial, military and other industries, as well as further strengthens Lite-Onâ€™s power management and system integration capabilities. Lite-On will capitalize on the operational efficiency enhancement, by means of the mutual integration of manufacturing, technology, supply chain management and sales channels. Lite-On aims to be a total solution provider of power management in cloud computing market in the long run.â€ said Lite-On Group CEO Warren Chen.
â€œI believe Power Innovations can become a strong, high performing asset for Lite-On. Being acquired by this highly successful company with broad technological vision gives Power Innovations the long-term opportunity to perfect additional innovative power technologies that will make strong contributions within the global marketplace,â€ said Robert Mount, President/CEO of Power Innovations.