Delta Electronics Announces Share Swap with Cyntec
Integrating Cyntec's technology strengths, expanding operational scope and raising efficiency will enhance Delta's global competitive capabilities
-- Delta Electronics and Cyntec today held meetings of the Board of Directors, which announced the approval of Delta's issue of new capital to swap for outstanding shares of its subsidiary, Cyntec Co., Ltd. After the exchange, Cyntec will be Delta's 100% owned subsidiary. The exchange ratio between Delta and Cyntec shares is 1 for 1.07. The record date is tentatively set for March 31, 2010.
Delta Electronics is the world's leading provider of switching power supplies, as well as a major source for solar energy systems, industrial automation, and networking products. Cyntec is a professional provider of passive components. Delta currently holds 35.6% of Cyntec's shares. Both Delta and Cyntec expect to integrate their professional technology resources in the power electronics field, expand their operation bases, raise efficiency, and offer customers complete manufacturing services with outstanding quality control. Based on Delta's leading position in power management and Cyntec's superior operations performance and R&D capabilities, the cooperation will result in improved technology, sales and marketing, as well as profitability.