OM Group Completes Acquisition of Yardney
OM Group, Inc. today announced that it has successfully completed its previously-announced acquisition of Ener-Tek International, Inc., which operates under the brand name Yardney Technical Products. Based in East Greenwich, Rhode Island, Yardney is a designer, developer and manufacturer of high-performance lithium-ion and silver-zinc cells and batteries for niche applications in the defense and aerospace markets. OM Group funded the $24 million acquisition price through existing cash balances.
Yardney is complementary to and will operate under OM Group's existing EaglePicher battery business, and will enable the business to better serve its battery customers with a wider range of innovative solutions. The acquisition will increase OM Group's lithium-ion technology capabilities and will provide a foothold into critical defense programs that are expected to grow at attractive rates.
EaglePicher recently won a competitive project identified as the Lithium-Ion for Military Applications (LIMA) program to build lithium-ion manufacturing capability aimed at supporting the U.S. military. The acquisition will accelerate EaglePicher's ability to address those needs, through a combination of each company's lithium-ion capabilities for U.S. Government applications, along with possessing the technology path from silver-zinc to lithium-ion to meet customers' needs for a wide range of solutions.