C&D Acquires Industrial Battery Division of Johnson Controls
C&D Technologies Inc. (Blue Bell, PA) announced it has completed the acquisition of the business and assets of the Industrial Battery Division of Johnson Controls (Milwaukee, WI) for approximately $120 million in cash and the assumption of certain liabilities. A closing on the acquisition of a related joint venture in China is expected in the near future, according to C&D. The Industrial Battery business, which produces and markets industrial batteries under the Dynasty brand name for the UPS, telecommunications and broadband cable markets, had sales of $87 million for the fiscal year ended September 30, 1998."We expect this acquisition to be accretive to C&D Technologies' earnings in year one," stated C&D Chairman and CEO Alfred Weber. "It is also a superb strategic fit for our company because it complements our existing business in the growing UPS and telecommunications markets, gives us entry into the expanding cable TV/broadband market and increases our presence in international markets.