MagneTek Announces Divestiture of European Magnetic Ballast Operations
MagneTek Inc. (Nashville, TN) recently announced the divestiture of its European magnetic ballast operations. According to MagneTek, the company completed the sale of its German magnetic ballast business to a group including local management late in December. Terms of the transaction were not announced."We were not a major factor in the European magnetic ballast market, so it made sense for us to exit that market now in order to accelerate our strategic shift from electrical to electronic products," said Andrew G. Galef, chairman, president and CEO.