Menomonee Falls-based MTE Corp. has announced it plans to acquire San Diego, Calif.-based TEAL Electronics Corp. The transaction price was not disclosed.
[caption id="attachment_130181" align="alignright" width="300"] The Matrix AP, one of MTE’s major product lines, adapts to varying power loads and extends the service life of electrical equipment.[/caption]
The companies are both part of the high power group in the same portfolio, owned by New Jersey-based SL Industries. The group in total had revenue of $85 million in 2014. SL Industries had $204 million in revenue in 2014. The merged company will remain under SL Industries’ ownership.
MTE designs, manufactures and distributes high-efficiency electrical power quality solutions for commercial and industrial applications. The company recently invested more than $500,000 in an expansion and improvements at its now 54,000-square-foot plant. The company declined to release its employee numbers.
TEAL Electronics designs and manufactures transformer-based power quality solutions for large OEMs, to be used in medical, semiconductor, military and aerospace applications. Among its products are passive harmonic filters, motor protection filters and load reactors. It will change its name to MTE, and will continue to sell its existing product brands.
MTE will retain all of the companies’ employees and all of their R&D, engineering and manufacturing facilities in Menomonee Falls; San Diego; Singapore; China; Mexicali, Mexico; and Tecate, Mexico. The combined company will have a more than 25 sales locations worldwide.
"The synergies of our solutions and staff will significantly enhance our opportunities to serve our customers," said Donald Klein, who previously served as president of both TEAL and MTE. "Together, the new MTE will be able to do much more than either company could have done alone. We will continue to lead the market in finding innovative solutions and helping our customers improve their productivity by delivering solutions for quality power."