Lite-On Technology (TWSE: 2301), a global leading Opto-electronic component manufacturer based in Taiwan, announced today that the Board has approved a cash acquisition of 100% stake of Power Innovations International Inc., a private U.S. company offering power management solutions for a wide variety of market segments, including aviation, exploration, military, emergency services, industrial and medical applications worldwide. The acquisition is expected to further strengthen Lite-On’s power management and system integration capabilities in Cloud Computing.
Headquartered in American Fork, Utah, Power Innovations has achieved increasing market presence in customized power solutions, with complete remote power notification and management capabilities. With business growth of more than 40% per annum in recent years, Power Innovations is continually expanding and improving its power quality and management products to facilitate easier integration with its power independence focus. Key customers include commercial, military, government, and oil exploration and homeland security customers.
“With the steady increase in demand in the global market of cloud computing applications, Lite-On has posted a stable revenue growth with profits in recent years, thanks to ongoing market share gains in high-end Networking Devices and Server Power Management Systems. Acquisition of Power Innovations provides well diversification of UPS technology into global industrial, military and other industries, as well as further strengthens Lite-On’s power management and system integration capabilities. Lite-On will capitalize on the operational efficiency enhancement, by means of the mutual integration of manufacturing, technology, supply chain management and sales channels. Lite-On aims to be a total solution provider of power management in cloud computing market in the long run.” said Lite-On Group CEO Warren Chen.
“I believe Power Innovations can become a strong, high performing asset for Lite-On. Being acquired by this highly successful company with broad technological vision gives Power Innovations the long-term opportunity to perfect additional innovative power technologies that will make strong contributions within the global marketplace,” said Robert Mount, President/CEO of Power Innovations.
About Lite-On Technology Corporation
Lite-On, founded in 1975, was the first company in Taiwan to produce LEDs (Light-Emitting Diodes). With its initial public offering in 1983, Lite-On was the first technology company listed on the Taiwan Stock Exchange. Having received the first stock code “2301” in the technology category, Lite-On is truly a pioneer of the Taiwan IT Industry. Lite-On’s long-term growth strategy focuses on the core optoelectronic and key electronic components, with business segments including power supply, optoelectronics, mechanical competency and connected devices & system solution. Lite-On’s product offerings are leading the industry and widely applied in areas such as computer, communication, consumer electronics and car electronics. About Power Innovations Founded in 1997, Power Innovations continues to pioneer new solutions to generate, store and manage AC power. The company is continually developing new technology to generate, store and manage power quality, as well as offering innovative integration solutions that address the need for rugged, critical, and custom applications. Power Innovations also addresses a worldwide need for power independence and ultimately green independent technologies for power generation, re-generation and storage.
Contact:
Julia Wang
Director, Investor and Public Relations
Tel: +886-2-8798-2888
LiteOnTech.IR@liteon.com