C&D Technologies Completes Acquisition of Newport Technology Group's Components DivisionJanuary 01, 2001 by Jeff Shepard
C&D Technologies (Blue Bell, PA) announced that it has completed its acquisition of the Newport Components Division of Newport Technology Group Ltd. (UK) for approximately $50.0 million in cash. The acquisition is expected to be accretive to earnings in the first full fiscal year.
The components division, with annual revenues of over $20.0 million, operates production facilities in the UK as well as in China. Additionally, the company conducts research and development in Oxford, England, and maintains a sales operation in Raleigh, NC.
“We are extremely excited about this union with the Components Division as it supports our company's stated strategy to expand and broaden our power electronics business to meet increasing worldwide demand for dc/dc converters," stated Wade H. Roberts, Jr., president and CEO of C&D Technologies.