[January 22, 2018] |
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Pulse Electronics Completes the Acquisition of Egston Holding GMBH and Announces 2017 Financial Results
Pulse (News - Alert) Electronics Corporation announced today the acquisition of
Austrian-based Egston Holdings, a leading European Magnetics and Cable
Assembly provider to the electric vehicles (EV), automotive, industrial,
and power magnetics markets.
Egston, with 2017 revenues of approximately USD 87 million, six
facilities in Austria, Czech, China and India, and 1,400 employees
globally, complements several growing segments of Pulse, including
Electrification of Mobility, Autonomous Driving, Industry 4.0, IoT and
Smart Grid applications. Egston's strong global presence and leadership
in inductive components and cable systems will enable Pulse to provide
key customer solutions in the communications, power magnetics and
wireless antenna markets, as well as in the smart grid, industry and
specialty vehicle markets.
"The acquisition of Egston, a leader in inductive components and cable
systems for the electronics, power distribution, automotive and
construction vehicle markets, expands Pulse's high technology product
offering in the growth markets we already serve," said Mark Twaalfhoven,
CEO of Pulse Electronics. "We welcome Egston's talented organization to
Pulse and look forward to working together with them to expand Pulse's
impressive growth and operating performance."
Egston will operate as an independent business unit of Pulse, known as
Egston a Pulse Electronics Company. Egston CEO Frank Wolfinger will
continue to lead the unit as General Manager. Pulse will maintain the
Egston brand and continue manufacturing its entire product line in order
to continue to serve its existing customers.
"We are very excited to join the Pulse Electronics family and look
forward to growing our global footprint, which will allow us to better
serve our loyal customers while leveraging new market channels and
compementary products offerings," said Mr. Wolfinger. "We are confident
that this transaction will act as a springboard to continue the strong
growth of Egston a Pulse Electronics Company."
"I am happy to see Egston becoming a part of Pulse Electronics," said
Walter Wunderer, owner of Egston Group. "Pulse has the financial means
to further support the growth of Egston and its integration into Pulse
will help to further enhance the development of Egston a Pulse
Electronics Company."
Pulse Electronics 2017 Year-End Results
In addition, Pulse also today announced its unaudited fiscal 2017
results. Key year-end highlights include:
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Revenues increased by 10.1% to USD 315.0 million for the period ended
December 29, 2017, vs. USD 286.0 million for the period ended December
30, 2016.
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Net income increased to USD 34.6 million for the period ended December
29, 2017, vs. a loss of USD 13.9 million for the period ended December
30, 2016.
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Adjusted EBITDA increased to USD 45.1 million or 14.3% of revenue for
the period ended December 29, 2017, vs. USD 34.2 million or 12.0% of
revenue for the period ended December 30, 2016.
Mr. Twaalfhoven commented, "2017 was a growth year for Pulse,
demonstrated by our double digit growth from 2016, our positive net
income and cash flow, and our substantial growth in organic revenue and
adjusted EBITDA. Our focus on EV, Autonomous Vehicles, and Smart Grids
has increased shipments of our products and resulted in several key
customer wins, including a new contract to provide products to a leading
EV company in the U.S. We're confident that our focused investments in
R&D and the successful design-in of several new projects will result in
sustained growth over the next several years. We look forward to
accelerating this momentum in 2018 through the introduction of numerous
new products, and continuing on our path of leadership in the markets we
serve."
About Pulse Electronics
Pulse Electronics is a portfolio company of certain affiliates of
investment funds managed by Oaktree Capital Management L.P., a leader
among global investment managers specializing in alternative
investments, with $100 billion in assets under management as of
September 30, 2017. Pulse Electronics is a leading provider of
electronic components that help customers build the next great product
by providing the needed technical solutions. Pulse Electronics has a
long operating history of innovation in antennas, magnetics and
connectors, as well as the ability to ramp quickly into high-quality,
high-volume production. The Company serves the wireless and wireline
communications, power management, military/aerospace, and automotive
industries. Pulse Electronics is a participating member of the IEEE (News - Alert),
SFF, OIF, HDBaseT Alliance, CommNexus, NFC Forum, MoCA, and IWPC. Visit
the Pulse Electronics website at www.pulseelectronics.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180121005141/en/
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