Murata to acquire
power electronics operations
C and D Technologies has agreed to sell its Power Electronics Division to Murata for US $85 million cash
C and D Technologies has signed a definitive agreement to sell its Power Electronics Division (PED) to Murata for US $85 million cash, subject to customary working capital adjustments. The transaction is subject to regulatory and other approvals. With annual revenues of over $185 million, PED is a world-leading manufacturer of DC/DC convertors, AC/DC power supplies, magnetics, data acquisition devices and panel meters.
PED's global customer base includes many of the most respected Tier I electronics manufacturers.
Murata is one of the world's leading providers of ceramic based components, sensors and integrated electronic modules, including power supplies.
The Company, headquartered in Kyoto, Japan, has over 29,000 employees worldwide and over $4.8 billion in annual sales.
Dr William Bachrach, General Manager of PED comments: 'This transaction allows the Power Electronic Division to bring a broader range of products to our existing customers, enables a new range of customers for our existing products and will improve our overall global competitiveness'.
'Our combination with Murata provides a powerful platform for the future'.
'We are honoured to be joining such a respected and longstanding force within the electronics industry'.
'The sale of our Power Electronics Division to Murata delivers a good outcome to C and D shareholders by providing the company with liquidity to de-lever its balance sheet, fund important cost reduction programs and invest in additional growth initiatives within our Power Systems Division', says Dr Jeffrey Graves, President and Chief Executive Officer.
'At the same time, our valued power electronics customers can look to a strong future knowing that PED will have additional resources to continue to meet and exceed the needs of their business'.
As a result of the signing of this agreement, PED will be reflected in the company's future consolidated financial statements as a discontinued operation.
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