6.12.2007: Meldung: Power-One and Magnetek Form Strategic Alliance
Components of the Agreement
* Magnetek will have exclusive distribution rights for the Commercial Photovoltaic (Solar) Aurora® product line in North America, and will market them under the Magnetek brand label.
* Magnetek will have non-exclusive distribution rights for Power-One’s Residential Photovoltaic Aurora® product line.
* Magnetek will also have non-exclusive worldwide distribution rights for Power-One’s Aurora® Small Wind Inverter product line.
Bill Yeates, Power-One’s CEO, commented, “We are pleased to be partnering with Magnetek in the area of Alternative Energy inverters. They have been very successful in North America, and have established distribution channels and proven applications expertise to effectively target this geographic market. This is definitely a win-win for both companies. With our products, many of which have the highest efficiencies currently rated by the CEC (California Electric Commission), and Magnetek’s channel to the market, we can together capitalize on this fast-growing market.”
David Reiland, CEO of Magnetek commented, “Magnetek will provide all pre- and post-sales support, areas in which we’ve proven ourselves for over a decade. Combined with Power-One’s expertise in design and production, this will benefit customers by connecting high-volume manufacturing and leading-edge R&D to local market support and applications expertise.”
Power-One products power high-availability infrastructure applications such as: alternative energy, routers, data storage and servers, wireless communications, optical networking, medical diagnostics, railway controls, and semiconductor test equipment. Power-One, with headquarters in Camarillo, CA, has global sales offices and manufacturing and R&D operations in China, the Dominican Republic, Hungary, Ireland, Italy, Slovakia, Switzerland, and the United States. Please visit www.power-one.com for more information.
Magnetek, Inc. manufactures digital power and motion control systems used in material handling, people moving, wireless communications and energy delivery, including its own line of multi-megawatt E-Force™ large wind power inverters designed and produced for wind turbine manufacturers. The Company is headquartered in Menomonee Falls, WI in the greater Milwaukee area and operates manufacturing facilities in Pittsburgh, PA and Mississauga, Ontario, Canada as well as Menomonee Falls. Magnetek reported revenues of $103.8 million for its 2007 fiscal year ended July 1, 2007. Please visit www.magnetek.com for more information.
This press release contains forward-looking statements, which are made pursuant to the Safe-Harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “anticipate,” “will,” “looking,” “believe” and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. Future results may be adversely affected by various factors including any general economic slowdown, pricing pressure resulting from the Companies’ need to respond to market conditions, a downturn or other disruption of the market trends within our end customers’ industries, cancellations, rescheduling, or other customer actions that cause expected revenues to be pushed out or to fail to materialize, inability to turn design wins into sales revenues, delays or cancellations of new product designs by customers, and further delays or supply shortages at contract manufacturers or within Companies’ owned manufacturing sites. See “Risk Factors” in the Companies’ Forms 10-K on file with the Securities and Exchange Commission for greater detail regarding factors that constitute cautionary statements with respect to such forward-looking statements, including certain risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The Companies undertake no obligations to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
Dave Hage, Executive Vice President, 805-987-8741
Avalon Investor Relations
Kristyn Hutzell, 512-514-6046