EXHIBIT 99
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[LITTELFUSE LOGO] NEWS
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Littelfuse, Inc.
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800 East Northwest Highway Des Plaines, IL 60016
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NEWS RELEASE (847) 824-1188 o (847) 392-0894 - FAX #
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CONTACT: PHIL FRANKLIN,
VICE PRESIDENT, OPERATIONS SUPPORT & CFO (847) 391-0566
LITTELFUSE PURCHASES MAJORITY OWNERSHIP OF HEINRICH INDUSTRIE AG
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Acquisition of WICKMANN Group Products Strengthens Leadership
in Circuit Protection
DES PLAINES, ILLINOIS, MAY 5, 2004 - Littelfuse, Inc. (Nasdaq/NMS: LFUS) today
announced that it has entered into a definitive agreement to acquire an 82%
stake in Heinrich Industrie AG for euro39.5 million (approximately $47.2
million) in cash. Closing of the transaction is expected to take place on May 6,
2004. Littelfuse will purchase the controlling interest in Heinrich Industrie
from the company's two largest shareholders and later this quarter will initiate
a tender offer for the remaining shares of the publicly held company. Littelfuse
will finance the transaction through cash on hand and use of its existing credit
facility.
Heinrich Industrie, headquartered in Essen, Germany, has annualized
sales of approximately euro75 million. It is the holding company for the
WICKMANN Group of circuit protection products, which has three business units:
electronic, automotive and electrical. Heinrich Industrie is one of the leading
global companies in the fuse industry, with strong market positions in Europe,
especially Germany, and a growing presence in Asia. Heinrich's shares are traded
on the Dusseldorf, Frankfurt and Stuttgart Stock Exchanges.
"Heinrich is a good strategic fit with Littelfuse," said Howard B.
Witt, Chairman, President and Chief Executive Officer. "The addition of the
WICKMANN Group product line further strengthens our position as the worldwide
leader in circuit protection. With similar products and markets, the combination
of our two companies will provide opportunities for future growth," added Witt.
"Over the years, we have developed a great deal of respect for the
products and people of Heinrich. The company is well known around the world for
its products, reliability and dedication to new product development. It has
excellent customer relationships and strategically located
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manufacturing facilities. We serve many of the same markets with complementary
products and both companies have a commitment to technology, quality and
customer service. Together we are a powerful combination that can further
enhance the value we bring to our customers," said Witt.
Witt said the acquisition expands Littelfuse's product offerings for
the electronic market with the addition of the WICKMANN TR5(R) and TE5(R) fuse
technology, which is used in power supplies for portable products such as mobile
phones and personal computers. "Heinrich has the worldwide leadership position
in this product category, the one major fuse product that Littelfuse does not
currently manufacture," said Witt.
"While Heinrich is currently operating at lower margins than
Littelfuse, we expect that over the long term we can achieve the same level of
profitability with Heinrich as we have in our core business," said Phil
Franklin, Vice President, Operations Support and Chief Financial Officer. "The
addition of Heinrich is expected to have a neutral to slightly accretive impact
on Littelfuse earnings in 2004," added Franklin.
The WICKMANN Group's electronic products are marketed under the
WICKMANN name. The product line includes miniature, sub-miniature, surface mount
and other fuses for a variety of electronic devices in the consumer, data and
telecom markets. Automotive products sold under the PUDENZ name include blade
fuses, bolt down fuses, fuseholders and aftermarket fuse products for vehicles
and automotive equipment. Products for the electrical business are marketed
under the EFEN name and include power fuses and fuse switches for electric power
distribution equipment and other industrial applications. Annualized sales by
unit are approximately euro35 million for electronic, euro15 million for
automotive and euro25 million for electrical.
Heinrich has approximately 900 employees. The company has facilities in
Germany, Hungary and China, and sales offices in key regions throughout the
world.
Littelfuse management will host a conference call on Thursday, May 6,
2004 at 9:00 a.m. Eastern/8:00 a.m. Central time to discuss the acquisition. The
call will be broadcast live over the Internet and can be accessed through the
company's Web site: www.littelfuse.com. Listeners should go to the Web site at
least 15 minutes prior to the call to download and install any necessary audio
software. The call will be available for replay through June 30, 2004, and can
be accessed through the company's Web site listed above.
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Littelfuse is a global company offering the broadest line of circuit
protection products in the industry. In addition to its Des Plaines world
headquarters, Littelfuse has manufacturing facilities in England, Ireland,
Switzerland, Mexico, China and the Philippines, as well as in Des Plaines and
Arcola, Illinois and Irving, Texas. It also has sales, engineering and
distribution facilities in the Netherlands, Singapore, Hong Kong, Korea, Taiwan,
Japan and Brazil.
For more information, please visit Littelfuse's web site at
www.littelfuse.com
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995. Any forward looking statements contained herein involve risks and
uncertainties, including, but not limited to, product demand and market
acceptance risks, the effect of economic conditions, the impact of competitive
products and pricing, product development and patent protection,
commercialization and technological difficulties, capacity and supply
constraints or difficulties, exchange rate fluctuations, actual purchases under
agreements, the effect of the company's accounting policies, labor disputes,
restructuring costs in excess of expectations and other risks which may be
detailed in the company's Securities and Exchange Commission filings.
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