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EXHIBIT 99.1
MONDAY NOVEMBER 13, 3:07 PM EASTERN TIME
PRESS RELEASE
SOURCE: MAGNETEK, INC.
MAGNETEK COMPLETES ACQUISITION OF TELECOM POWER COMPANY
LOS ANGELES, Nov. 13 /PRNewswire/ -- MagneTek, Inc. (NYSE: MAG - NEWS) today
completed its acquisition of J-Tec, Inc., a closely held corporation based in
Greenville, Ohio, for $24 million in cash. MagneTek management expects the
acquisition to be immediately accretive to earnings.
A leading power systems integrator serving the U.S. telecommunications
industry, J-Tec operates facilities in Texas as well as Ohio and expands
MagneTek's digital power offering to include turn-key engineering,
manufacturing and installation of a broad range of telecom equipment up to
and including complete telecom power plants. J-Tec's revenue in its most
recent fiscal year, ended June 30, 2000, approximated $25 million.
J-Tec's customers include major telecommunication service providers across
the United States. The company is currently active in installation projects
involving fiber optic terminals, high-speed multiplexers, digital switches,
large-scale energy stations and DC power plants. Its services also include
construction and installation of wireline, wireless and broadband enabling
infrastructure.
MagneTek manufactures digital power products and systems for communications,
industrial and building systems, data processing, imaging and other
applications requiring highly reliable, precision power. Listed on the New
York Stock Exchange (NYSE: MAG - NEWS), the Company operates eight research
and manufacturing facilities in North America and two in Europe, employs
approximately 2,000 people, and reported revenues of $294 million for its
most recent fiscal year, ended June 30, 2000.
The foregoing announcement contains forward-looking statements that are
subject to risks and uncertainties which, in many cases, are beyond the
control of the company. These include but are not limited to economic
conditions in general, business conditions in electrical and electronic
equipment markets, competitive factors such as pricing and technology, and
the risk that the company's ultimate costs of doing business exceed present
estimates. Further information on factors that could affect MagneTek's
financial results are described in the Company's filings with the Securities
and Exchange Commission.
SOURCE: MAGNETEK, INC.
