Capacitor Manufacturer Expands Product Line with Magnetics Acquisition
Oneonta, NY (August 26, 2013) – Custom Electronics, Inc. (CEI), a leading manufacturer and provider of mica paper capacitors and electronic assemblies, today announced that they entered into a binding agreement to acquire Newport Magnetics, Inc. (NMI), which specializes in custom magnetic components such as air coils, transformers and toroids. NMI also specializes in circuit board population and cable assemblies.
The purchase of Newport Magnetics based in Newport, NY further increases CEI’s share in the electronic component market. “The combination of Newport Magnetics with our existing services will provide our customers a wide depth of electronic components for a variety of industries,” said Frank Woodcock Jr., Quality Assurance Manager at Custom Electronics.
Ron Fusco, NMI President and Chief Executive Officer, said the acquisition should be a win-win for both organizations.
“The history of CEI speaks for itself” replied Fusco. “They have been in service for almost 50 years, build reliable products and exhibit an exceptional quality management system. I expect great results from this merger.”
Mr, Fusco will remain with CEI and take-over sales and customer relations for the acquired lines. Newport’s name will remain intact as the firm will now operate as a division of Custom Electronics.
About Custom Electronics, Inc. Custom Electronics, Inc. (CEI) designs, manufactures, and supports a wide variety of specialized, high quality capacitors and electronic assemblies for the global military, aerospace, industrial and renewable energy markets. Custom’s track record of outstanding workmanship has made their name synonymous with the terms dependability, reliability, and high-performance. For more information, please visit CEI’s website at www.customelec.com.
About Newport Magnetics, Inc. Newport Magnetics, Inc. (NMI) designs and manufactures custom magnetic components with expertise in printed circuit board and cable assemblies. NMI also specializes in many forms of coil winding (microscopic, edge and flat wire), electrical assemblies, and epoxy encapsulation. With State-of-the-Art test equipment NMI gives your magnetic needs the attention and quality they deserve. For more information, please visit NMI’s website at www.newportmagnetics.com.
For More Information Please Contact:
Josh Chicorelli – Marketing Associate
Custom Electronics, Inc.
87 Browne Street
Oneonta, NY 13820
(607) 432-3880 Ext. 253