C&D Tech. Completes Acquisition of Battery Business in China from JCI
C&D Technologies Inc. (Blue Bell, PA) announced that it has completed the acquisition of the 67 percent-owned joint venture interest of a battery business based in Shanghai, China from Johnson Controls Inc. (Milwaukee, Wisconsin) for $15 million in cash. In March 1999, C&D acquired the North American and European specialty battery operations of Johnson Controls operating as the Dynasty Division of C&D Technologies.The Dynasty Division produces and markets industrial batteries under the Dynasty brand name for the UPS, telecom and broadband cable markets, primarily in North America, with approximately 20 percent of sales in Europe and Asia. The division will now have manufacturing facilities in Shanghai, as well as Milwaukee, Wisconsin."Dynasty has exceeded all of our expectations and has been accretive to C&D Technologies' earnings from the first month of acquisition, stated President and CEO Wade H. Roberts Jr. "The state-of-the-art Shanghai operation will add to the company's sales performance and increase our presence in key international UPS and telecommunications growth markets, such as Asia and Europe."