Thursday, April 23, 2009
Power-One Gets $60M Injection
Camarillo-based Power-One, a developer of power supplies and related products, said late Thursady that the firm has agreed to a $60M investment from investment firm Silver Lake Sumeru. According to the publicly held firm, the new capital comes in a combination of convertible preferred stock and senior convertible notes, plus warrants. The firm said it will use the funding to restructure its debt, plus for working capital and strategic initiatives. The capital injection came as the firm said it had a 17% decrease in its net sales, to $97.8M, in the first quarter. Power-One said its revenue was affected by the weakening global economy. The firm said earlier this quarter that it has cut 1,000 people from its headcount in first quarter, and so far has cut 28% of its workforce since peak headcount last summer.