2/2/2006 - Emerson (NYSE: EMR) and Florida-based Artesyn Technologies (NASDAQ: ATSN) today announced that Artesyn will become part of Emerson Network Power. Emerson will acquire Artesyn for $11 a share in cash (approximately $500 million net of acquired cash) pending customary regulatory approvals and approval by Artesyn shareholders.
The agreement brings additional embedded power conversion technologies to Emerson Network Power's existing portfolio of solutions for customers in the enterprise computing, data, and telecommunications industries. Artesyn provides leading original equipment manufacturers (OEMs) with advanced power conversion equipment as well as hardware and software subsystems for a range of communication applications.
"Artesyn's focus on technology, global presence and complementary marquee customer relationships make it a great strategic fit with Emerson Network Power to help us better serve important customers in key markets around the world," said David N. Farr, Emerson chairman, chief executive officer and president.
Artesyn Technologies, headquartered in Boca Raton, Florida, with sales in 2005 of approximately $420 million, operates globally with design, manufacturing, sales, and service facilities throughout Asia, Europe, and North America. "In addition to providing Artesyn shareholders with full value, our customers will benefit from Emerson's extensive international infrastructure to successfully meet their evolving needs," said Joseph O'Donnell, Artesyn's chief executive officer. "The synergies will provide the scale, resources, and financial flexibility to take our leading technology to the next level."
About Artesyn Technologies
Artesyn, headquartered in Boca Raton, Florida, is a world leader in the design, manufacture, and sale of power conversion and embedded board solutions for infrastructure applications in server and storage, networking, wireless, and telecommunications systems. The Company's products are used in middle to high-end servers, data storage devices, routers, hubs, high-speed modems, RF amplification systems, base station controllers and transceivers. The Company has a global sales reach with design and manufacturing facilities in Asia, Europe, and North America. Artesyn is a public company whose common stock is traded on the Nasdaq stock market under the symbol ATSN.
About Emerson Network Power
Emerson Network Power, an Emerson business, serves the needs of telecommunications networks, data centers, health care and industrial facilities worldwide with a full spectrum of reliable power solutions, including inbound power, connectivity, power supplies, power systems and precision cooling - all backed by the largest global services organization in the power industry. Sales in fiscal 2005 were $3.3 billion.
Emerson (NYSE: EMR), based in St. Louis, is a global leader in bringing technology and engineering together to provide innovative solutions to customers through its network power, process management, industrial automation, climate technologies, and appliance and tools businesses. Sales in fiscal 2005 were $17.3 billion.
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