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 EDITORIAL CONTACT: Patrick Riley Integrated Communications Management pjriley@icmarcom.com 603.893.6510 FOR IMMEDIATE RELEASE Vette Corp Closes $27 Million In Recent FinancingGLOBAL SUPPLIER OF THERMAL MANAGEMENT SOLUTIONS CONTINUES MARKET & PRODUCT EXPANSIONManchester, NH - March 6, 2007 - Vette Corp, a leading global provider of thermal management solutions announced today that it has closed $27 million in Series C financing. Investors AllianceBernstein and Wise Strategy Group Limited joined existing investors 3i, General Catalyst, and Kodiak Venture Partners, all of whom led the round. The funding continues Vette's growth towards becoming the leading manufacturer and global supplier of total thermal solutions for the computer and industrial electronics markets, with extensive manufacturing, engineering and supply chain logistics. Vette will further expand its manufacturing capabilities in Asia and the United States, continue horizontal and vertical integration in the thermal solutions market, and develop advanced thermal technologies. "We view Vette as a very promising player in IT markets and power semiconductor applications," says Jamie Kiggen, senior vice president, AllianceBernstein. "Vette's thermal solutions continue to help solve the challenges of miniaturization and integration for electronics OEM's as they react to market demands for smaller, smarter and faster electronic devices." "This funding enables us to provide our customers with a broader portfolio of thermal solutions, global supply chain support and the market advantage of the lowest landed cost for their thermal solutions," said George Dannecker, President and CEO, Vette. "We look forward to continuing our growth and becoming the thermal solutions market leader," concluded Dannecker. Leading analyst firms expect the worldwide electronic thermal market to grow by 8.8% annually for the next two years (approximately $4.4 billion for 2006) with thermal solutions for power electronics representing a $2.2 billion market. Vette's thermal management technologies remove heat that diminishes the performance of electronic products in an increasingly wide array of industries. Heat dissipation problems in electronic components and systems increase as more powerful computer chips, increased system integration, smaller form factors, and more sophisticated power requirements continue to be driven by consumer demands. About Vette Corp. Vette Corp is a global thermal management solutions provider specializing in solving thermal challenges for the leading OEMs in both the computer and industrial electronics industries. Vette maintains a growing IP portfolio; design and applications engineering in Asia and North America; extensive Asian manufacturing and a customer list of blue-chip electronics manufacturers. With high-volume, Asian-based heatsink and fan manufacturing coupled with advanced applications and design teams; Vette Corp offers their global customers the lowest-cost, highest-quality solutions for their most complex thermal problems. For more information, visit: www.vettecorp.com. |
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Download March 6, 2007 Press ReleaseCopyright © 2010 Vette Corp. All rights reserved.
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