Taiwanese manufacturer buys Power Innovations of American Fork
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A Taiwanese manufacturer of optoelectronic components has agreed to buy Power Innovations International Inc. in American Fork.
Lite-On Technology will buy Power Innovations in an all-cash deal. Other terms weren't disclosed.
Power Innovations was established in 1997. The company develops power quality and management products.
The company says its business has been growing at a 40 percent rate in recent years. It will remain in American Fork.
Customers include commercial, military, government, oil exploration and homeland security clients.
Lite-On was founded in 1975. It was the first company in Taiwan to produce light-emitting diodes, or LEDs. The company is publicly traded on the Taiwan Stock Exchange.