(GLOBE NEWSWIRE) – Ultralife Corporation has acquired all of the outstanding shares of Accutronics Ltd., for £7.575 million (approximately $11.0 million) in cash, subject to customary working capital and net cash/debt adjustments.
Based in Newcastle-under-Lyme, U.K., Accutronics Ltd. is a leading independent designer and manufacturer of smart batteries and charger systems for high-performance, feature-laden portable and handheld electronic devices.
With a portfolio encompassing custom battery design, development and manufacturing for OEM’s; standard smart batteries, chargers and accessories; and pre-engineered batteries and power solutions for specific applications, Accutronics primarily serves the portable medical device market throughout Europe. Medical applications include digital imaging, ventilators, anaesthesia, endoscopy, patient monitoring, cardio pulmonary care, oxygen concentration and aspiration. For their fiscal year ended August 31, 2015, Accutronics generated revenue of over £8 million (approximately $12.5 million). The transaction is expected to be accretive on an EPS basis within 12 months.
“To further drive the proven operating leverage of our business model, we are focused on revenue growth from new product development and market and sales reach expansion, while seeking acquisitions that enhance our organic growth opportunities. Accutronics, a well-run, profitable company with a compatible business model, growth profile and management approach, is a great bolt-on fit to our Battery and Energy Products business unit,” said Michael D. Popielec, Ultralife’s President and Chief Executive Officer. “Acquiring Accutronics advances our strategy of commercial revenue diversification and expands our geographic reach within European OEM’s. With industry experts predicting mid-to-high single digit growth in the global medical batteries market, this strategic investment positions Ultralife well for further penetration of and growing revenue streams from an attractive commercial market.”
Source: Ultralife Corporation
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