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Artesyn North America Inc history
Artesyn North America Inc company history timeline
1984: Ronald D. Schmidt, John M. Steel, and Lawrence J. Matthews buy Control Data Corp.'s (CDC) Minnesota-based power supply plant through a leveraged buyout and incorporate under the name Zytec Corp.
Zytec's revamping was put into full gear in 1986.
By 1987, Zytec was gaining notice, not for its failures but for its successes.
By the beginning of 1992, Zytec had 21 customers; less than five percent of business was with CDC. Zytec planned to go public that year, but the initial public offering was canceled due to inconsistent earnings coupled with an unfavorable market for smaller companies.
The Austrian plant still generated a small loss in 1993, but the company's earnings were on an upswing.
Schmidt, Steel, and Matthews, the leaders of the buy out from CDC, still owned about 35 percent of the company in 1995; other employees owned an additional 10 percent.
In June 2001, the firm announced that it planned to cut its employee base by as much as 15 percent and also implemented a cost-cutting strategy in order to combat weakening market conditions that caused the firm's sales and profits to plummet.
During 2001, the company acquired Real Time Digital, a manufacturer of digital signal processor (DSP) software and high-density DSP board products used to control information from circuit-based public telephone networks to packet-based Internet networks.
2001: The company undergoes restructuring efforts during a market downturn.
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