Emerson agreed to sell its Connectivity Solutions business unit to Bel Fuse for $98 million.
“Although the business no longer aligns with our long term strategy to strengthen our core global franchises, it offers Bel attractive growth opportunities and is consistent with its strategic direction,” said Jamie Froedge, Emerson’s Vice President, Acquisitions and Development. “We will work closely to ensure a smooth transition for customers and employees.”
Dan Bernstein, Bel’s president, said, “This is Bel’s third major acquisition in the past 14 months; all together, these acquisitions will increase our revenue from $283 million, pre-acquisition, to approximately $705 million annually. We are proud that Emerson Inc, ABB Ltd. and TE Connectivity Ltd., have determined in the best interest of their shareholders, customers and employees to entrust these businesses to Bel and we look forward to growing these organizations.”