||Littelfuse completes acquisition of c&k switches
CHICAGO, IL – July 19, 2022 – Littelfuse, Inc. (NASDAQ: LFUS), an industrial technology manufacturing company empowering a sustainable, connected, and safer world, today announced the completion of its acquisition of C&K Switches (“C&K”). C&K is a leading designer and manufacturer of high-performance electromechanical switches and interconnect solutions with a strong global presence across a broad range of end markets, including industrial, transportation, aerospace, and datacom.
“The combination of our companies significantly expands our technologies and capabilities, enabling us to deliver a comprehensive solutions offering to our broad customer base, across a wide range of vertical end markets," said Deepak Nayar, Senior Vice President and General Manager, Littelfuse Electronics Business. “Our businesses are highly complementary and enable us to leverage our collective go-to-market models and global footprints. It is a pleasure to welcome the C&K employees to the Littelfuse team, and we look forward to their contributions, as we continue to execute on our long-term growth strategy.”
C&K has annualized sales of over $200 million and will be reported within the company’s Electronics reporting segment.
Littelfuse financed the transaction consideration through a combination of available cash and debt.
A related slide presentation is available in the Investor Relations, News & Events, Presentations section of the company’s website at Littelfuse.com. Littelfuse will share additional details about C&K during the company’s second quarter of fiscal 2022 earnings conference call.
Littelfuse (NASDAQ: LFUS) is an industrial technology manufacturing company empowering a sustainable, connected, and safer world. Across more than 15 countries, and with approximately 17,000 global associates, we partner with customers to design and deliver innovative, reliable solutions. Serving over 100,000 end customers, our products are found in a variety of industrial, transportation and electronics end markets – everywhere, every day. Learn more at Littelfuse.com.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995
The statements in this press release that are not historical facts are intended to constitute "forward-looking statements" entitled to the safe-harbor provisions of the Private Securities Litigation Reform Act. Such statements are based on Littelfuse, Inc.’s ("Littelfuse" or the "Company") current expectations and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties, include, but are not limited to, risks and uncertainties relating to general economic conditions; the severity and duration of the COVID-19 pandemic and the measures taken in response thereto and the effects of those items on the company’s business; product demand and market acceptance; the impact of competitive products and pricing; product quality problems or product recalls; capacity and supply difficulties or constraints; coal mining exposures reserves; cybersecurity matters; failure of an indemnification for environmental liability; exchange rate fluctuations; commodity and other raw material price fluctuations; the effect of Littelfuse’s accounting policies; labor disputes; restructuring costs in excess of expectations; pension plan asset returns less than assumed; integration of acquisitions; uncertainties related to political or regulatory changes; the risk that expected benefits, synergies and growth prospects of the C&K transaction may not be achieved in a timely manner, or at all; the risk that C&K’s business may not be successfully integrated with Littelfuse’s; the risk that Littelfuse and C&K will be unable to retain and hire key personnel; the risk that disruption from the transaction may adversely affect Littelfuse’s or C&K’s business and its relationships with its customers, suppliers or employees; and other risks which may be detailed in the company's Securities and Exchange Commission filings. Should one or more of these risks or uncertainties materialize or should the underlying assumptions prove incorrect, actual results and outcomes may differ materially from those indicated or implied in the forward-looking statements. This release should be read in conjunction with information provided in the financial statements appearing in the company's Annual Report on Form 10-K for the year ended January 1, 2022. Further discussion of the risk factors of the company can be found under the caption "Risk Factors" in the company's Annual Report on Form 10-K for the year ended January 1, 2022, its Quarterly Report on Form 10-Q for the quarter ended April 2, 2022, and in other filings and submissions with the SEC, each of which are available free of charge on the company’s investor relations website at investor.littelfuse.com and on the SEC’s website at http://www.sec.gov. These forward-looking statements are made as of the date hereof. The company does not undertake any obligation to update, amend or clarify these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the availability of new information.
CONTACT: Trisha Tuntland
Head of Investor Relations
||29/07/2021: Change of Ownership
The limited partners signed the contract for the sale of their shares in HMN Beteiligungsgesellschaft & Co. KG, the parent company of E.I.S. Electronics GmbH, to the French company C&K Aerospace SAS. C&K is an investment company of the private equity firm SunCapital Partners and a market leader in high-reliable electromechanical switches and connectors. The sale is subject to the permission of the German Federal Ministry for Economic Affairs and Energy.
||The member of the German Bundestag for the constituency of Bremen II - Bremerhaven, Mr. Uwe Schmidt, and his research assistant, Ms. Katja Brößling, visited the EISE at the company headquarters in Bremerhaven on November 11th, 2020.
During the two-hour visit, Mr. Schmidt familiarized himself with the aerospace and defense projects at EISE and the areas of responsibility of the employees. The member of the Bundestag was impressed by the company's range of services - top craftsmanship on an industrial scale - made in Bremerhaven. The management and the works council presented the effects of the Covid-19 crisis on the company and the handling of the hygiene measures. The management was confident that it would be able to master the crisis on its own without aid loans or the use of the economic stabilization fund. The massive drop in sales in quarters 2 and 3 of over 70% was a serious challenge, which was met in a socially acceptable manner, among other things, through consistent use of short-time working. Political support would be necessary to ensure a fair division of work packages between Germany and France in important space and defense projects.
E.I.S. Electronics GmbH rejuvenates the management
Effective February 1, 2020, Cezary Pilarski was appointed as additional managing director of E.I.S. Electronics GmbH.
This measure realigns the areas of responsibility: Thomas Hauschild will take over the technical area (CTO: projects, programs, engineering and EASA), Cezary Pilarski the production area (COO: manufacturing Bremerhaven and Achim, supply chain, order control and IT) and Burkhard Müller the Headquarters (CEO: Finance and Controlling, Human Resources, Marketing and Quality Management).
Objective is a clear definition of responsibilities and area allocation, considering teamwork promotion and personal initiative with focus on resource conservation, CO2, health and personal development. Both the challenges of industry and society and the growth-related increase in complexity with greater confidence will be mastered by involving our customers and all managers and employees.
The goal is to strengthen the future viability of the EIS: to take good care of our customers and thus continue to grow and to offer safe and attractive jobs. We look forward to tackling this with you!
Your E.I.S. Electronics Management
Thomas Hauschild Burkhard Müller Cezary Pilarsk
||New orders for the cable productions for monuments, light aircrafts and UAVs enhance our Portfolio.
||E.I.S. Electronics is awarded ISO 14001:2015 certification and renewal of EN 9100 certification to the 2016 version. Regionally, E.I.S. Electronics (India) surpasses INR 20m.
||Performance test for the Pioneer Projects Team: Within a short period, five StarLight installations for three completion centres are carried out. With the successful ramp-up of the A350, sales surpass the € 18m mark.
||The Bremen facility starts production. The large clean room situated here offers space for several satellite cabling projects. Turnover reaches € 14m.
||Kanpur facility starts operations in early February and receives production approval by our customers at the Aircraft Interiors Expo Hamburg in April.
||Founding of a joint venture with MKU Pvt. Ltd.: E.I.S. Electronics (India) Pvt. Ltd. in Kanpur, Northern India. Turnover reaches € 10m.
||Second clean room commissioned in Bremerhaven.
||Clean room commissioned for Project Galileo. Thomas Hauschild named additional Managing Director in June. At the end of October unexpected death of Managing Partner Waldemar Hassler, operations continue with Dr Burkhard Müller as Co-Managing Director.
||Sales reach € 7m.
||Sales in the first year of self-employment: 3.4m.
||Management buy-out to by Messrs. Waldemar Hassler, Dr. Burkhard Müller and Egon Neumann via HMN Beteiligungsgesellschaft mbH & Co. KG
||Re-named E.I.S. Electronics GmbH, focusing on wiring harness manufacturing and electronic services.
||The Motorenwerke Bremerhaven GmbH electronic operations department becomes MWB Elektronik GmbH.
||The IVG Holding AG gets stock-listed.
||Cable Harness production starts.
||Part of the MWB Motorenwerke Bremerhaven GmbH shipyard, subsidiary of the state-owned IVG - Industrie Verwaltungsgesellschaft mbH.