MagneTek Acquires LAB Communications
MagneTek Inc. (Nashville, TN) announced that it has acquired LAB Communications (Las Vegas, NV), a privately held mobile and fixed power systems integrator. While terms of the transaction were not announced, LAB is expected to be accretive to MagneTek's earnings in fiscal 2003, which commences on July 1, 2002.
MagneTek CEO Andrew Galef stated, "Although LAB is a new company, it nearly doubled its sales in calendar 2001 as the telecom market weakened. Further, it adds a new dimension, mobility, to Magnetek's presence in the wireless arena, which is one of the most promising sectors of the communications market."