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Power-One Acquires Norwegian Company

May 30, 2000|BARBARA MURPHY

Power-One Inc. in Camarillo has acquired Norwegian-based Powec.

Powec supplies power systems to major service providers and equipment manufacturers in the telecommunications industry.

It is expected to ship more than $80 million in equipment this year, based on sales during the first four months of 2000.

Powec's customers include Nokia, Vodafone, Ericsson, Eircom, Telia, Hong Kong Telecom, Telenor, Sonera and TeleDanmark.

Power-One paid about $70 million in cash and 127,000 shares of its common stock for all of Powec's common stock. In addition, Power-One will assume about $13 million in debt.

As part of the deal, Power-One acquired a telecommunications product line from a subsidiary of Crane Co. for about $14 million in cash.

This product line has the exclusive distribution rights for Powec's products in North, South and Central America and extensive relationships with telecommunication equipment manufacturers such as Motorola, Ericsson and Nokia US.

Power-One manufactures power-conversion products for the communications industry.

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