BEL FUSE INC NJ
For the period ended Dec 31, 2023. Filed Mar 11, 2024.
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FY2023 · Filed Mar 11, 2024
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Item 2. Properties
The Company is headquartered in West Orange, New Jersey. The Company occupies 294,000 square feet at 18 non-manufacturing facilities, which are used primarily for management, financial accounting, engineering, sales and administrative support. Of this space, the Company leases 187,000 square feet in 13 facilities and owns properties of 107,000 square feet.
The Company also operated 19 manufacturing facilities in 7 coun tries as of December 31, 2023. Approximately 13% of the 2.4 million square feet the Company occupies is owned while the remainder is leased. See Note 19,"Commitments and Contingencies", for additional information pertaining to leases.
The following is a list of the locations of the Company's principal manufacturing facilities at December 31, 2023:** **
| Location | Approximate Square Feet | Product Group Produced at Facility | Owned/ Leased | Percentage Used for Manufacturing |
|---|---|---|---|---|
| Dongguan, People's Republic of China | 661,000 | Magnetic Solutions | Leased | 36% |
| Pingguo, People's Republic of China | 180,000 | Magnetic Solutions | Leased | 39% |
| Shenzhen, People's Republic of China | 227,000 | Power Solutions & Protection | Leased | 100% |
| Zhongshan, People's Republic of China | 77,000 | All three product groups | Leased | 100% |
| Zhongshan, People's Republic of China | 118,000 | All three product groups | Owned | 100% |
| Zhongshan, People's Republic of China | 78,000 | All three product groups | Owned | 100% |
| Guangxi, People's Republic of China | 243,000 | Magnetic Solutions | Leased | 54% |
| Mumbai, India | 56,000 | Power Solutions & Protection | Leased | 46% |
| Dubnica nad Vahom, Slovakia | 35,000 | Power Solutions & Protection | Owned | 50% |
| Dubnica nad Vahom, Slovakia | 70,000 | Power Solutions & Protection | Leased | 100% |
| Worksop, United Kingdom | 51,000 | Connectivity Solutions | Leased | 28% |
| Chelmsford, United Kingdom | 17,000 | Connectivity Solutions | Leased | 80% |
| Dominican Republic | 33,000 | Magnetic Solutions | Leased | 85% |
| Cananea, Mexico | 30,000 | Connectivity Solutions | Leased | 60% |
| Reynosa, Mexico | 80,000 | Connectivity Solutions | Leased | 56% |
| Glen Rock, Pennsylvania | 74,000 | Connectivity Solutions | Owned | 60% |
| Waseca, Minnesota | 127,000 | Connectivity Solutions | Leased | 83% |
| McAllen, Texas | 40,000 | Connectivity Solutions | Leased | 56% |
| Melbourne, Florida | 13,000 | Connectivity Solutions | Leased | 64% |
Of the space described above,420,000 square feet is used for engineering, warehousing, sales and administrative support functions at various locations and 419,000 square feet is designated for dormitories, canteen and other employee related facilities in the PRC.
The Territory of Hong Kong became a Special Administrative Region ("SAR") of the PRC during 1997. The territory of Macao became a SAR of the PRC at the end of 1999. Management cannot presently predict what future impact, if any, this will have on the Company or how the political climate in the PRC will affect its contractual arrangements in the PRC. A significant portion of the Company's manufacturing operations and approximately 21.6% of its identifiable assets are located in Asia.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.