C&D Technologies Sells Assets Of Motive Power Division To Crown Battery Manufacturing Company
C&D Technologies, Inc. announced the completion of the sale of certain assets of its Motive Power Division to Crown Battery Manufacturing Company, Inc. ("Crown") of Fremont, Ohio for an undisclosed sum.
C&D has also entered into a five year agreement with Crown to market C-Line, V-Line and Velocity batteries. Crown will also supply sealed LIBRA batteries and FERRO series chargers to the motive power industry. Under the terms of the arrangement Crown will become the authorized warranty service provider for the installed base of C&D’s motive batteries and chargers. Additionally, Crown will take over C&D’s motive power branch operations in Canada, New York and California.
Dr. Jeffery Graves, CEO of C&D Technologies commented, "This transaction concludes our reshaping of C&D, and focuses us exclusively on Standby Power where we occupy a market-leading position in telecommunications, cable television, uninterruptable power supplies and the utility industry. This transaction is a good fit for both Crown and C&D, and importantly it also provides for a smooth transition to our loyal motive customer base, many of whom have been with us for over 50 years. We look forward to a mutually beneficial long term relationship with Crown."
Hal Hawk, President of Crown Battery Manufacturing commented, "This purchase is in line with our long-term strategic plan, and will position us for continued growth in our desired markets. Our ability to provide warranty support to their existing customers will yield a seamless transition."