Former senior managers of CUI Inc announced that they have purchased the company’s components business from CUI Inc’s publicly-traded parent company, CUI Global. The newly-formed private entity will go to market as CUI Devices and will continue to serve its customers and develop new technologies within its interconnect, audio, thermal management, motion and sensors product lines.
“The CUI Devices management team strongly believes in this business and is confident in its future prospects as a stand-alone entity,” said Matt McKenzie, CEO of CUI Devices. “We have dedicated many years to building CUI Inc, and we look forward to guiding the company to even greater success as a free-standing company.”
The independent CUI Devices will continue to support its customers globally across most major market segments. The company will focus on supporting and expanding its current electronics components line, with the exception of power supplies, which will remain with CUI Global. CUI Devices will focus its business on interconnect, audio, motion, thermal management and sensor segments with plans to expand into new technology categories in the future.
The new organisation is committed to ensuring that customers are minimally impacted by this transaction. All manufacturing sites, business processes, bills of materials, model numbers and back-end software systems will remain intact. CUI Devices’ strong global distribution network will not change, nor will the company’s supply chain.
“CUI Inc is a long-standing, well-established brand, and we are committed to providing our customers continuity,” said McKenzie. “CUI Devices will continue to build and value relationships with customers and partners by focusing on making the design engineer’s job easier and more successful through best-in-class online experiences, technical support and customer service.”