Power-One Completes Purchase of Boston Firm
Power-One Inc. in Camarillo has completed its acquisition of Boston-based International Power Devices.
IPD, a supplier of DC/DC converters and ring generators, had 1998 sales of about $30 million. Its major customers include Cisco, Bay Networks, Nortel and Hewlett-Packard.
Power-One paid $31.75 million for IPD, including the assumption of debt. It also agreed to acquire IPD’s manufacturing facility from a separate partnership for its appraised value, which is anticipated to be in the range of $4 million to $5 million.
Power-One financed the acquisition with its existing cash and credit facilities.
“IPD’s technology and products offer perfect solutions, especially combined with Power-One’s AC/DC capabilities that most customers will need,” said Steve Goldman, president and CEO of Power-One. “We are truly a ‘one-stop shop.’ ”
Goldman said the Power-One Group has significantly increased its product range as a result of this acquisition plus the recent purchase of Melcher, a European-based power conversion manufacturer. The combined companies now have more than 2,500 products in their portfolio.
Power-One has 1,800 employees, with manufacturing operations in seven countries. The company designs and manufactures power supplies for electronic equipment manufacturers in the United States and Europe.
