|RE- Tesla looking to build a battery plant-Plenty of battery buzz going down past week and now. ULBI looks to be riding some trader coattails on the buzz, judging from yesterdays volume. Teledyne Technologies/TDY has also been on a tear. I sold my TDY shares long ago.|
FWIW-I own both OMG through Eagle Pitcher and ULBI. Former ULBI Mark Matthews Vice President of Sales and Marketing works there. Also curious is that EP has a venture with Arista Power/WindTamer Corp with a former ULBI person there. Past bad blood there with Arista Power suing ULBI for allegedly stealing trade secrets. IMO Arista is a penny stock and very sketchy. The balance sheet being one of many items. I have know idea as to the merits of the lawsuit or if it has been resolved.
P.S. Not many know about Eagle Pitcher who is now owned by OMG. Past PR
OM Group to Acquire Advanced Battery Manufacturer EaglePicher Technologies, LLC for $171.9 Million -- Profitable EaglePicher Would Expand OMG's Portable Power Growth Platform --
-- Deal Enhances OMG's Presence in Fast-Growing Battery, Battery Materials Markets --
CLEVELAND, Dec. 23 /PRNewswire-FirstCall/ -- OM Group, Inc. (NYSE: OMG) today announced that it has signed a definitive agreement to purchase EaglePicher Technologies LLC, (EaglePicher) a wholly owned subsidiary of EaglePicher Corporation for $171.9 million.
Based in Joplin, MO, EaglePicher is a leader in designing and manufacturing batteries, battery management systems and energetic devices for the defense, aerospace and medical industries. For more than 50 years, the company has provided a broad product line of technically differentiated, high-performance products and solutions to industry leading corporations. EaglePicher is also actively pursuing opportunities that would leverage its advanced power storage technologies to serve the rapidly growing alternative energy market.
In fiscal year 2009, EaglePicher recorded revenues of approximately $125 million, of which approximately 60 percent came from its defense business, approximately 31 percent from its aerospace business and the balance from its medical and other businesses.
"The proposed acquisition of EaglePicher is a logical extension of our portable power platform and is another excellent example of the type of acquisition we seek to transform our business model," said Joseph M. Scaminace, OM Group's chairman and chief executive officer. "Similar to the enhanced market position we've created for OMG in other key segments through our transformation strategy, we believe EaglePicher will provide us a strong and profitable base from which we can accelerate our growth in battery materials."
According to Scaminace, "As we went through our deliberate evaluation process, there were several critical factors that clearly established EaglePicher as a priority, including its recognized leadership position in profitable, established end markets; its strong and enduring customer relationships; and its broad R&D and technical expertise in sophisticated battery systems and a wide range of battery chemistries that will allow it to pursue emerging, high-growth markets.
"With EaglePicher, OM Group would not only balance its portfolio of high-quality, value-added materials with world-class, market-facing technologies, but would create an effective channel through which we could bring our various materials closer to the end user. As we have stated many times in the past when discussing our transformational strategy, migrating our materials forward along the value chain is a critical component of long-range growth imperative. With the help of Randy Moore, EaglePicher's president, and his experienced and talented team, we believe we have taken a significant step forward towards this goal."
The proposed transaction, which is subject to customary closing conditions, is expected to close by the middle of the first quarter of 2010. The transaction will be funded by OMG's existing cash and credit facility.
EaglePicher Technologies, LLC is the leading producer of batteries and energetic devices for the defense, space and commercial industries, and provides the most experience and broadest capability in battery electrochemistry of any battery supplier in the United States. EaglePicher Technologies offers a wide range of battery technology including thermal, nickel hydrogen, lithium carbonmono-fluoride, lithium thionyl chloride, lithium manganese dioxide, lithium sulfur dioxide, lithium ion, reserve lithium oxyhalide, custom battery assemblies and silver zinc batteries. It also provides other energy products and pyrotechnic devices for the defense industry, as well as advanced battery chargers and other power solutions for business, industrial and recreational applications.
About OM Group, Inc.
OM Group, Inc. is a diversified global developer, producer and marketer of value-added specialty chemicals and advanced materials that are essential to complex chemical and industrial processes. Key technology-based end-use applications include affordable energy, portable power, clean air, clean water, and proprietary products and services for the microelectronics industry. Headquartered in Cleveland, Ohio, OM Group operates manufacturing facilities in the Americas, Europe, Asia and Africa. For more information, visit the company's Web site at omgi.com.