Power-One Finalizes Transaction to Acquire HC Power
Power-One Inc. (Camarillo, CA) announced that it finalized the transaction to acquire HC Power Inc. (Irvine, CA) on February 29, 2000. Power-One acquired HC Power in a stock-for-stock transaction in which Power-One issued approximately 2.1 million shares of Power-One common stock.
"We have had very productive planning meetings over the last few weeks to discuss how we will realize the synergies that we identified as the basis for this transaction," said Bill Yeates, president and COO of Power-One. "HC Power's power systems are based on standard modules that we can build in high volumes in our low-cost manufacturing facilities."
"The acquisition of HC Power is another milestone in our strategic plan of increasing our sales revenues from telecom customers," said Steve Goldman, CEO and chairman of the board of Power-One. "In addition, this transaction extends Power-One's telecom industry presence to include selling power systems directly to telecommunications and Internet service providers, as a complement to our established OEM telecom customer base."