Universal Power Group, Inc. announced that it has acquired for $3.3 million the assets and business of Progressive Technologies, Inc. (PTI), a North Carolina-based battery pack manufacturer specializing in lithium-ion battery packs, the fastest growing segment of the battery market.
PTI designs and builds lithium-ion and other custom battery products for specialized OEMs in the medical, technology, government and military markets. Its custom battery solutions are used in computers, camcorders, tools, medical equipment, military applications, metering, mining and handheld communications equipment. Committed to high quality standards, PTI operates a state-of-the-art production facility, and holds several ISO certifications required by medical and other specialized battery pack buyers.
"PTI is a first-class organization," said Ian Edmonds, President and CEO of UPG. "Its specialized products will enhance UPG’s product line and its lithium-ion battery packs provide UPG with an initial entry into this fast-growing market segment. PTI will enable UPG to offer expertise in battery packs spanning a full array of chemistries and a variety of markets, further enhancing our product and service offerings. In addition, PTI’s products will specifically strengthen our position in the fast-growing medical field. We believe there is great synergy between our two companies, especially as we look to integrate our technical capabilities and sales channels to grow our business."
"We are pleased to join forces with a strong company like UPG to further our long-term strategic growth objectives," said Ray Rock, President and founder of PTI. "I am convinced that our combined company will provide significant opportunities to further broaden our product offerings and enhance our business relationships with many long-standing customers, while also taking advantage of opportunities in our fastest growing markets."
