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."