Power-One Announces Acquisition of di/dt

February 23, 2003 by Jeff Shepard

Power-One Inc. (Camarillo, CA) announced that it has acquired di/dt Inc. (Carlsbad, CA), which is a supplier of high-density dc/dc converters, or bricks, used mainly in communications systems and networking environments. Power-One was previously a stockholder and exclusive licensee of di/dt for key technology in the power industry.

Power-One paid approximately 1.4 million shares of Power-One common stock. Additional payments of up to one million shares of Power-One stock may be made based on the attainment of defined operational performance through 2005. The transaction is anticipated to have a positive EBITDA impact, and is expected to be neutral to slightly accretive to Power-One's earnings per share by the end of 2003.

Power-One Chairman and CEO Steven Goldman said, "We are delighted to add di/dt to the Power-One family. di/dt has done an incredible job in developing some of the leading-edge products in the brick business. This acquisition further cements Power-One as one of the premier companies in the dc/dc arena and further enhances our capabilities in the distributed power architecture market. We believe that di/dt's management, employees, products and technology will be great assets for Power-One."

di/dt President Apurba Roy commented, "di/dt is extremely pleased to be joining one of the best power supply companies in the world. Power-One has a tremendous balance sheet with more than $100 million in cash and a commitment to research and development, so aligning di/dt with Power-One provides us with the financial and operational resources we need to fulfill our business plan and continue to provide leading-edge products and service to our customers."