Bel Fuse Inc., Jersey City, N.J., announced today that it has entered into a definitive agreement to acquire the assets of the passive components business from Insilco Technologies, Inc. for approximately $35 million in cash and the assumption of certain liabilities.
Included in the proposed acquisition are the assets of Insilco Technologies subsidiaries Stewart Connector Systems, Inc., InNet Technologies, Inc., and Signal Transformer Co., Inc. Insilco's passive components business sells transformers and connectors, among other products.
Insilco has disclosed in its 10-Q for the period ended September 2002, that net sales for its passive components segment during the nine month period ended September 27, 2002 were $52.6 million.
Insilco Technologies, Inc. is the primary operating subsidiary of Insilco Holding Co. (OTC). To facilitate this and other, unrelated transactions, Insilco Holding Co. will file voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. A competitive bidding process may be conducted in the bankruptcy proceedings. If Bel is the successful bidder, the transaction is expected to close in the first quarter of 2003, subject to customary closing conditions.
Insilco also announced today that as part of the liquidation program, a substantial majority of its custom assembly business will be sold to
Amphenol Corporation for approximately $10 million; the North Myrtle Beach
custom assembly business to LL&R Partnership, a private investor group, for
$1.7 million; and the stamping business to SRDF Acquisition Company LLC, a
private investor group, for approximately $13 million.
Inc. has also signed a contract to sell the Ireland-based custom assembly
business to that facility's general manager, thus resolving approximately
$1.8 million of liabilities that would otherwise have been triggered by a
Insilco said it anticipates that a competitive bidding process in the
bankruptcy proceedings will be conducted for each business in an effort to
obtain higher or otherwise better offers prior to the close of these