Maxwell Agrees to Acquire Montena ComponentsJune 02, 2002 by Jeff Shepard
Maxwell Technologies Inc. (San Diego, CA) announced that it has signed a definitive agreement to acquire Montena Components Ltd. (Matran, Switzerland), a privately held manufacturer and marketer of ultracapacitors, high-voltage capacitors, and high-speed capacitors and battery-winding equipment, for 2.475 million shares of Maxwell common stock. The transaction, valued at approximately $30.0 million, is expected to close at the end of June.
Maxwell CEO Carl Eibl stated that the acquisition of Montena Components, the number one supplier of ultracapacitors to the European rail, industrial and automotive markets, will solidify Maxwell's position as a leading ultracapacitor supplier and will be financially accretive. Montena Components is expected to generate revenue from continuing operations of approximately $23.0 million with 15-percent operating income and positive cash flow for its fiscal year ending June 30, 2002.
"By the end of this year, ultracapacitors will be a proven, standard option for production energy-storage systems for the consumer electronics, industrial and transportation markets," Eibl said. "The combination of Maxwell and Montena Components will create a company that can deliver the industry's lowest cost, most durable ultracapacitor products globally, and expand the blue chip customer bases both companies already have established."