Littelfuse Announces Acquisition of Hamlin
Inc. (NASDAQ:LFUS), today announced it has signed a definitive
agreement to acquire Hamlin, Inc. from Key Safety Systems for $145
million in a cash transaction. Hamlin is dedicated to providing sensor
technology to the automotive industry as well as the electronics and
industrial markets. Hamlin is a global company whose principal
facilities are in Lake Mills, Wisconsin; Norwich, UK; Suzhou, China and
Matamoros, Mexico. Hamlin had sales of approximately $76 million in 2012.
"The acquisition of Hamlin is a major step forward in our strategy to
build a global, automotive sensor platform," said Gordon Hunter, Chief
Executive Officer. "We are excited about the growth prospects for Hamlin
and the obvious synergies with Accel, the automotive sensor company
which we acquired in 2012. With Hamlin, we also extend our sensing
technology outside the automotive market with products that can be sold
through our electronics distribution partners."
"Hamlin's new products pipeline and design-win momentum combined with
our leadership positions in the global automotive and electronics
markets make for a powerful combination," added Hunter. "We believe this
business can achieve double-digit sales growth, and that it will be
accretive to earnings by approximately $0.35 per share for 2014."
Completion of the transaction is subject to the expiration or
termination of the applicable Hart-Scott-Rodino waiting period and other
customary closing conditions. This transaction is expected to close by
the end of May.
There will be no conference call related to this announcement. Further
comments regarding this acquisition will be made in conjunction with the
company's earnings release and conference call on April 30, 2013.
Founded in 1949, Hamlin Electronics is a leader in sensor technology,
providing standard products and custom solutions for leading global
manufacturers in the automotive and other industries. The company's
product line includes reed, hall-effect, inductive and its
newly-developed PWG linear sensing technologies, as well as switches and
relays. Headquartered in Lake Mills, Wis., Hamlin has manufacturing,
engineering and sales offices in the U.S., Mexico, Europe and Asia. For
more information, please visit the Hamlin website: www.hamlin.com.
Founded in 1927, Littelfuse, Inc., the worldwide leader in circuit
protection, offers the industry's broadest and deepest portfolio of
circuit protection products and solutions. Littelfuse devices protect
products in virtually every market that uses electrical energy, from
consumer electronics to automobiles to industrial equipment. In addition
to its Chicago, Illinois, world headquarters, Littelfuse has more than
30 sales, distribution, manufacturing and engineering facilities in the
Americas, Europe and Asia. Technologies offered by Littelfuse include Fuses;
Discharge Tubes (GDTs); Positive
Temperature Coefficient Devices (PTCs); PulseGuard®
ESD Suppressors; SIDACtor®
Protection Arrays (SPA®); Switching
Diodes and Varistors.
The company also offers a comprehensive line of highly reliable Electromechanical
and Electronic Switch and Control Devices for commercial and
specialty vehicles and Sensors for automobile safety systems, as well as Protection
Relays and underground Power
Distribution Centers for the safe control and distribution of
For more information, please visit the Littelfuse website: littelfuse.com.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995.
All statements included or incorporated by reference in this release,
other than statements or characterizations of historical fact, are
forward-looking statements within the meaning of the federal securities
laws, including the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based on our current expectations,
estimates and projections about our industry and business, management's
beliefs, and certain assumptions made by us, all of which are subject to
change. Forward-looking statements can often be identified by words such
as "anticipates," "expects," "intends," "plans," "predicts," "believes,"
"seeks," "estimates," "may," "will," "should," "would," "could,"
"potential," "continue," "ongoing," similar expressions, and variations
or negatives of these words. Examples of such forward-looking statements
include, but are not limited to, references to the impact of the
acquisition on Littelfuse's earnings and future sales of Hamlin, the
expected date of closing of the transaction, the strategic fit of Hamlin
into Littelfuse's business, and the potential benefits of the
transaction. These forward-looking statements are not guarantees of
future results and are subject to risks, uncertainties and assumptions
that could cause our actual results to differ materially and adversely
from those expressed in any forward-looking statement.
Important risk factors that may cause such a difference for Littelfuse
in connection with the acquisition of Hamlin include, but are not
limited to, unexpected variations in market growth and demand for sensor
technology solutions and related technologies, the ability of the
parties to successfully consummate the transactions contemplated by the
stock purchase agreement and related transaction documents, the risks
inherent in acquisitions of technologies and businesses, including the
timing and successful completion of technology and product development
through volume production, integration issues, costs and unanticipated
expenditures, changing relationships with customers, suppliers and
strategic partners, potential contractual, intellectual property or
employment issues and charges resulting from purchase accounting
adjustments or fair value measurements.
Littelfuse's Annual Report on Form 10-K filed on February 27, 2013 and
other Securities and Exchange Commission filings discuss other important
risk factors that could contribute to such differences or otherwise
affect our business, results of operations and financial condition. The
forward-looking statements in this release speak only as of this date.
We undertake no obligation to revise or update publicly any
forward-looking statement to reflect future events or circumstances.
Phil Franklin, (773) 628-0810
President, Operations Support and CFO
Source: Littelfuse, Inc.
News Provided by Acquire Media
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