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Article: Magnetek, Inc. Sells Telecom Power Systems Assets and Business to Myers Power Products, Inc.
- Article from:
- Telecommunications Weekly
- Article date:
- October 15, 2008
CopyrightCOPYRIGHT 2008 NewsRX. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Magnetek, Inc. ("Magnetek" or "the Company") (NYSE:MAG) announced that it has completed the sale of the assets of its telecom power systems (TPS) business, which manufactures backup power systems for wireless applications, to Myers Power Products, Inc. ("Myers"), Corona, Ca. The purchase price of $1.25 million (subject to post-closing adjustments) was paid in cash by Myers to Magnetek upon closing. The Company had previously written down the value of the TPS business to an estimated fair value of $1.3 million in June 2008.
In April 2008, Magnetek announced its intention to divest its telecom power business and accordingly began accounting for the business as a ...
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