MicroTel and XCEL Power Systems Complete Acquisition of BELIX
MicroTel International Inc. (Rancho Cucamonga, CA) has announced that XCEL Power Systems Ltd. (UK) has completed the acquisition of the BELIX (UK) group of companies, a specialist electronic power-conversion company. The acquisition will provide greater financial resources to expand into the larger North American market.
"The combined entity will have initial annualized revenue in excess of $10.0 million," said Graham Jeffries, executive vice president of MicroTel. "Belix itself will contribute $650,000 in the first full year to annualized net income before taxes, before one-time severance and other consolidation costs of nearly $250,000, which will be charged to the second quarter 2000."