LOS ANGELES, January 8, 2003 -- Magnetek Inc. (NYSE: MAG) today announced the cash acquisition of TELEMOTIVE Industrial Controls, a privately held company based in Glendale Heights, IL.   Telemotive is a manufacturer of wireless remote controls and anti-collision systems for overhead cranes, hoists, monorail systems, conveyors, locomotives and other material handling applications.  It will be operated as part of Magnetek's Industrial Controls Group, North America's leading designer and manufacturer of electrification and control products for the overhead material handling industry.

 

According to Peter McCormick, executive vice president in charge of Magnetek's Industrial Controls Group, Menomonee Falls, WI, the acquisition was made for approximately $5 million and is expected to be immediately accretive with excellent potential for growth, as crane operators migrate to wireless remote control from pendent controls.  "With the addition of Telemotive, Magnetek is one of the largest radio control suppliers serving the material handling industry in North America, and it allows us to serve additional markets, such as locomotive," Mr. McCormick said.  "In addition, it affords us access to hundreds of existing crane installations that already use Telemotive controls, as well as to established sales channels in South America, Australia and Asia," he added.

 

Magnetek, Inc. manufactures digital power supplies and systems used in industrial, commercial and consumer applications requiring highly reliable, precise, energy-efficient power. The Company operates manufacturing and research facilities in North America, Europe and Asia, employs approximately 1,600 people and reported revenue of $188 million for fiscal 2002, ended on June 30, 2002.

 

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