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Bel Fuse Inc. (BELFA) designs, manufactures, and markets products that power, protect, and connect electronic circuits. Its offerings are used across industries such as networking, telecommunications, computing, aerospace, automotive, and consumer electronics. The company operates globally, with manufacturing facilities in the United States, Mexico, Europe, and Asia, and has a history of growth through strategic acquisitions.
- Power Solutions and Protection - Develops front-end, board-mount, industrial, and transportation power products, as well as module products and circuit protection devices.
- Connectivity Solutions - Produces expanded beam fiber optic, copper-based, RF and RJ connectors, and cable assemblies for high-speed data transmission and other applications.
- Magnetic Solutions - Offers integrated connector modules, power transformers, power inductors, and discrete components for use in various electronic systems.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Daniel Bernstein ExecutiveBoard | President and CEO | Director of Cinch Connectors, Bel Transformer Inc., Bel Power Inc., Bel Stewart GmbH | Joined BELFA in 1978; became President in 1992 and CEO in 2001; led 19 acquisitions, growing sales from <$100M to >$600M; transitioning to Non-Executive Chairman after May 27, 2025. | |
Farouq Tuweiq Executive | CFO, Treasurer, and Incoming CEO | None | Joined BELFA in 2021; currently CFO and Treasurer; will succeed as CEO after May 27, 2025; extensive background in investment banking, FP&A, and auditing. | |
Joseph Berry Executive | Vice President of Magnetic Solutions | None | Joined BELFA in 1999; oversees Magnetic Solutions; holds degrees in Electrical Engineering and an MBA. | |
Kenneth Lai Executive | Vice President of Asia Operations | None | Joined BELFA through acquisitions in 2013; became VP of Asia Operations in 2023; expertise in Lean methodology and Asia operations. | |
Lynn Hutkin Executive | VP of Financial Reporting & Investor Relations | None | Joined BELFA 15 years ago; promoted to VP in 2023; CPA with expertise in financial reporting and investor relations. | |
Peter Bittner III Executive | President of Bel Connectivity Solutions | None | Joined BELFA in 2015; leads the Connectivity Solutions segment; no external roles listed. | |
Steve Dawson Executive | President of Bel Power Solutions and Protection | None | President since 2024; over 25 years of experience in power and circuit protection; instrumental in developing power conversion products for commercial EVs. | |
Suzanne Kozlovsky Executive | Global Head of People | None | Joined BELFA in 2022; previously VP of HR at Prinova; recognized for transforming organizational culture and driving sustainable growth. | |
Eric Nowling Board | Director | None | Director since 2014; Chair of the Audit Committee; over 40 years of accounting and financial management experience. | |
Jacqueline Brito Board | Director | CEO of HR Asset Partners LLC; Graduate Business Instructor at Rollins College | Director since 2021; expertise in organizational culture and human capital planning; CEO of HR Asset Partners LLC. | |
Mark B. Segall Board | Director | Managing Director of Kidron Corporate Advisors LLC; CEO of Kidron Capital Securities LLC; Chairman of National CineMedia, Inc.; Director of iAM Capital Group Plc | Director since 2011; extensive expertise in M&A, corporate advisory, and investment banking. | |
Peter Gilbert Board | Director | None | Director since 1987; former President and CEO of Gilbert Manufacturing Co.; MBA from Columbia University. | |
Rita V. Smith Board | Director | Partner at C-Suite Healthcare Advisors | Director since 2020; extensive experience in healthcare strategy, resource planning, and compliance; former SVP and CNO at Robert Wood Johnson Barnabas Health. | |
Thomas E. Dooley Board | Director | None | Director since 2020; member of the Executive Committee; previously held executive roles at Viacom Inc.. | |
Vincent Vellucci Board | Director | None | Director since 2016; over 45 years of experience in the electrical components industry; held leadership roles at Arrow Electronics. | |
David J. Valletta | Director Nominee | None | Nominee for the Board in 2024; over 40 years of sales experience in the electronic components industry; former EVP of Worldwide Sales at Vishay Intertechnology. |
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Given the significant decline in sales within your Magnetics Solutions Group, particularly due to lower shipments to a large networking customer as they work through inventory , how are you addressing customer concentration risks, and what strategies are in place to diversify your customer base in this segment?
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With the acquisition of Enercon Technologies and the resulting increase in debt to $300 million at a blended interest rate of approximately 5.7% , how does the company plan to manage the higher leverage, and what are the expected impacts on cash flow and investment priorities, especially considering your near-term focus on debt paydown?
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The consolidation of your fuse manufacturing operations is expected to result in annualized cost savings of $1.5 million but involves restructuring costs of approximately $4.2 million over Q3 2024 to 2025. Can you elaborate on why the upfront costs are almost three times the expected annual savings, and how confident are you in achieving these savings within the expected timeframe?
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You've indicated that bookings within your Power segment have doubled from Q2 to Q3 2024, reaching the highest level since Q3 2023 , and you expect year-over-year growth across all three segments in 2025. Considering uncertainties such as ongoing inventory corrections and potential macroeconomic headwinds, what gives you confidence in these projections, and what are the main risks that could hinder this anticipated growth?
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With setbacks like the loss of a key supplier due to trade restrictions impacting $3–$4 million of business per quarter , and the challenges in quickly finding replacements due to long design cycles , how are you mitigating supply chain risks, and what measures are you taking to prevent similar disruptions in the future?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Enercon Technologies Ltd. | 2024 | Bel Fuse acquired an 80% stake in Enercon Technologies for $320 million in cash (with up to $10 million earnout), based on an enterprise value of $400 million, and plans to buy the remaining 20% by early 2027 contingent on EBITDA performance. This strategic acquisition expands Bel’s aerospace and defense footprint by adding Enercon’s high-margin power conversion and networking solutions along with a global manufacturing presence in Israel, the U.S., and India. |
Recent press releases and 8-K filings for BELFA.
- Total revenue reached $152.2 million, reflecting an 18.9% increase year-over-year with the A&D segment contributing 38% of global sales.
- The Magnetics and Connectivity Solutions segments delivered strong double-digit growth, while AI and Space showed robust performance ($4.6M and $2.3M respectively), offsetting declines in consumer, e-mobility, and rail markets.
- Gross margins improved to 38.6% in Q1 2025 from 37.5% in Q1 2024, driven by favorable product mix and cost efficiency initiatives despite challenges from tariffs.
- The recent acquisition of Enercon is performing well, further diversifying the business and generating optimism for future revenue synergies in defense and beyond.
- Q1 2025 Highlights: Reported net sales of $152.2 million, GAAP net earnings of $17.9 million, and an improved gross margin of 38.6% with Adjusted EBITDA of $30.9 million.
- Q2 Guidance: Projected net sales are estimated between $145–$155 million with gross margins expected between 37–39%, factoring in potential impacts from China-related tariffs.
- Management Update: Farouq Tuweiq has been appointed as the new President and CEO, effective following the Annual Meeting in May 2025.