EnerSys to Acquire Energy Storage Group of Invensys
EnerSys Inc. (Reading, PA) reached an agreement to acquire the Energy Storage Products Group of Invensys plc (Chippenham, England). EnerSys will continue to provide stored energy solutions to utilities, UPS, telecommunications, data communications, Internet and materials handling markets. EnerSys and Energy Storage product offerings and brand identities will be maintained. The closing of the transaction is expected in the first quarter of 2002.
John Craig, chairman, president and CEO of EnerSys, stated, "This acquisition significantly enhances the strategic positioning and scale of EnerSys. The combining of the US-based EnerSys and the European-based Energy Storage Products Group will result in the world’s largest industrial battery company. The expanded product portfolio, which includes leading brand names such as Exide, Hawker, General and Powersafe, will offer customers the widest product selection available from any one manufacturer. The combined worldwide manufacturing and distribution network will better position our company to serve our global customer base and will offer exciting opportunities for our employees. These capabilities, coupled with the financial strength of our partner, Morgan Stanley Capital Partners, will help us achieve our ambitious, yet very realistic, business goals.”
Pro-forma worldwide revenues of the combined operations for the 12 months ended November 2001 were $1.0 billion. The company will employ over 7,500 employees at 22 manufacturing locations globally, with offices in over 27 countries. The organization will continue to operate as EnerSys Inc. with its headquarters in Reading, PA.