Ultralife Corporation Acquires Accutronics Ltd. for Approximately $11.0 Million
January 13 2016 - 5:45PM
Ultralife Corporation (NASDAQ:ULBI) 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.”
About Ultralife Corporation
Ultralife Corporation serves its markets with products and
services ranging from portable power solutions to communications
and electronics systems. Through its engineering and collaborative
approach to problem solving, Ultralife serves government, defense
and commercial customers across the globe.
Headquartered in Newark, New York, the Company's business
segments include: Battery & Energy Products and Communications
Systems. Ultralife has operations in North America, Europe and
Asia. For more information, visit www.ultralifecorp.com.
This press release may contain forward-looking statements based
on current expectations that involve a number of risks and
uncertainties. The potential risks and uncertainties that could
cause actual results to differ materially include: potential
reductions in U.S. military spending, uncertain global economic
conditions and acceptance of our new products on a global basis.
The Company cautions investors not to place undue reliance on
forward-looking statements, which reflect the Company's analysis
only as of today's date. The Company undertakes no obligation to
publicly update forward-looking statements to reflect subsequent
events or circumstances. Further information on these factors and
other factors that could affect Ultralife's financial results is
included in Ultralife's Securities and Exchange Commission (SEC)
filings, including the latest Annual Report on Form 10-K.
Company Contact:
Ultralife Corporation
Philip A. Fain
(315) 332-7100
pfain@ulbi.com
Investor Relations Contact:
LHA
Jody Burfening
(212) 838-3777
jburfening@lhai.com
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