Bel Sends Letter to Power-One Management
March 10, 2008
Mr. Jay Walters ‑ Chairman of the Board
Mr. Richard J. Thompson ‑ Chief Executive Officer
Power‑One, Inc.
740 Calle Plano
Camarillo, CA 93012
Dear Mr. Walters and Mr. Thompson,
I am writing this letter to you as CEO of Bel Fuse, Inc., a large shareholder of Power‑One.
As I believe you know, Bel is a publicly held company engaged in the design, manufacture and sale of electronic components and modules used in the networking, computing, automotive, consumer products, and medical industries. Bel has a 57‑year history of providing innovative products and solutions to its customers, many of which are world‑class companies and market leaders in their respective fields. We have grown robustly through a combination of technological leadership, internal growth, and acquisitions. Our company is listed and traded on the NASDAQ stock exchange (Symbol: BELFB), and has sales of over $250 million and a market capitalization of over $320 million.
For many years, it has been Bel's strategy to grow our power business through acquisition. I greatly admire Power‑One and I believe it would make a perfect partner for Bel because:
Power‑One and Bel focus on product families that are the same or closely related, and our technologies, products, and know‑how strongly complement each other.
There are significant opportunities for the realization of synergies resulting from the combination of our businesses.
Combining our operations on a global basis would result in the broadest range of products in the industry.
In short, the strategic fit between Bel and Power‑One is ideal. It is our strong belief that such a transaction would enable our two organizations to best serve our respective customers, shareholders and employees.
Over the past couple of weeks, I have tried to contact you both to discuss this opportunity and other ideas. Hopefully after reviewing this letter, you will see that there is a benefit to a meeting.
Thank you and I look forward to your prompt response.
Regards,
Daniel J. Bernstein
President and Chief Executive Officer
About Bel
Bel (www.belfuse.com) and its subsidiaries are primarily engaged in the design, manufacture and sale of products used in networking, telecommunications, high speed data transmission, and consumer electronics. Products include magnetics (discrete components, power transformers and MagJack®s), modules (DC-DC converters, integrated analog front end modules and custom designs), circuit protection (miniature, micro and surface mount fuses) and interconnect devices (passive jacks, plugs and cable assemblies). Bel operates facilities around the world.
Forward-Looking Statements
Except for historical information contained in this news release, the matters discussed in this press release are forward looking statements that involve risks and uncertainties. Among the factors that could cause actual results to differ materially from such statements are: the market concerns facing our customers, the continuing viability of sectors that rely on our products, the effect of business and economic conditions; capacity and supply constraints or difficulties; product development, commercializing or technological difficulties; the regulatory and trade environment; uncertainties associated with legal proceedings; the market's acceptance of the Company's new products and competitive responses to those new products and the risk factors detailed from time to time in the Company's SEC reports. In light of the risks and uncertainties, there can be no assurance that any forward-looking statement will in fact prove to be correct. We undertake no obligation to update or revise any forward-looking statements.
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Bel Fuse Inc.
206 Van Vorst Street
Jersey City, NJ 07302
tel 201.432.0463
fax 201.432.9542
Investor Contact:
Neil Berkman Associates
(310) 277-5162
Company Contact:
Daniel Bernstein
President