Get All Access for FREEMarket News & Research,
Live Transcripts & Audio,
and a whole lot more…
$LFUS and $IXYS announced the election deadline by which $IXYS stockholders of record may elect to receive cash, shares of $LFUS common stock or both as merger consideration in connection with the $LFUS acquisition of $IXYS. The election deadline is Jan. 12, 2018. The parties expect to close the transaction on Jan. 17, 2018.
$LFUS has appointed Jeffrey Gorski as VP and Chief Accounting Officer. He will be responsible for worldwide corporate and technical accounting, SEC reporting and shared services, and will report to the company's EVP and CFO Meenal Sethna. Gorski will succeed John Quille, who is retiring and will remain in an advisory role during the transition.
$LFUS has revised its guidance for 2Q17, due to stronger demand exceeding the forecast of electronic segment, The company now expects sales to be in the range of $312-314MM from $301-311MM. GAAP EPS is expected to be about $2.09-2.13 and non-GAAP EPS to be $2.08-2.12.
Electrical fuse maker $LFUS purchased the assets of US Sensor Corp., a manufacturer of devices for heat sensing applications, as part of expanding its sensor portfolio. Littelfuse did not reveal the financial terms of the transaction. The acquisition is not expected to have any material impact on the company’s 2017 revenue and earnings projections.
$LFUS announced the transition of Gordon Hunter, Chairman, President, and CEO, to the role of Executive Chairman, effective Jan. 1, 2017. Dave Heinzmann, COO, will assume the position of President and CEO at that time and will join the company's BoD, bringing the size of the Board to eight members.
$LFUS has made product upgrades to its Industrial Shock-Block SB6100, Special-Purpose Ground-Fault Circuit-Interrupter (GFCI). These upgrades include flexible protection with adjustable trip settings to avoid nuisance tripping in high-noise applications and an automatic self-test feature that ensures the unit is operating properly.
$LFUS said it agreed to buy select product portfolio from ON Semiconductor. Once transfer of products is complete, $LFUS expects this purchase to have EBITDA margins of more than 30%. Including amortization, interest and integration expenses, $LFUS expect EPS impact of this acquisition to be neutral in 2016, and accretive in 2017 and beyond.
$LFUS said it plans to invest about $30MM in semiconductor fabrication locations to enhance its production capabilities, add significant capacity to its China fabrication facility and transfer production of acquired portfolio. The expected productivity gains will drive long term profitable growth across semiconductor business.
$LFUS said it agreed to buy product portfolio of transient voltage suppression diodes, switching thyristors and insulated gate bipolar transistors for automotive ignition applications from ON Semiconductor for $104MM. The transactions are expected to close in late August 2016.
Circuit protection company $LFUS said it plans to invest about $30MM in its semiconductor fabrication locations to enhance its production capabilities, add capacity to its China fabrication facility and transfer production of the portfolios it acquired from $ON. The transfers will occur over next few years.
$ON also entered into a separate deal with $LFUS to sell its transient voltage suppression diode and switching thyristor product lines, which together with the divestiture of Ignition IGBT was sold for $104MM in cash. No manufacturing assets will be transferred related to the divestiture or sale. Both asset sales are expected to close on Aug. 29.
$ON said the US FTC has accepted a proposed consent order for public comment and has terminated the Hart-Scott-Rodino waiting period applicable to $ON's proposed acquisition of $FCS. As per $FTC's request that $ON dispose of its planar insulated gate bipolar transistor business, $ON has signed a deal to divest the Ignition IGBT business to $LFUS.
$LFUS said its BoD declared a dividend on its common stock of $0.33 per share for 3Q16. This represents a 13.8% increase from the prior dividend rate of $0.29 per share. The dividend equates to an annualized dividend rate of $1.32 per share. The dividend will be paid on Sept. 8, 2016 to shareholders of record as of Aug. 25, 2016.
$LFUS said its BoD approved a share repurchase program, effective May 1, 2016, that authorizes the company to buy back up to $1MM shares through April 30, 2017. The company's existing share repurchase authorization of $1MM shares had 650,000 shares remaining in the program as of January 2, and will expire on April 30.