Mar 1 2011
EnerSys (NYSE: ENS), the global leader in stored energy solutions for industrial applications, announced today that it has purchased the lithium-ion battery business, ABSL Power Solutions Ltd. ("ABSL") from CIP Industries L.P. Incorporated, which was represented by XMS Capital Partners in the transaction.
ABSL has been supplying lithium-ion cells and batteries for defense and aerospace applications in Europe and the United States since 2000 drawing on the scientific and industrial traditions of the United Kingdom's AEA Technology, which formed the business in the 1970s. With annual revenues in excess of $30 million, ABSL has supplied batteries for over 70 space satellite systems along with instrumentation systems for various space missions. Additionally, ABSL batteries are used by soldiers around the world in portable communication systems. ABSL has operations in Longmont, Colorado; Thurso, Scotland and Culham, England.
"This acquisition is another step in our strategy to diversify our technology base and strengthen our prior investments in lithium systems to meet the needs of our customers," said John D. Craig, chairman, president and chief executive officer of EnerSys. "EnerSys continues to seek opportunities that offer profitable growth in our chosen markets. We believe that lithium batteries will be a significant growth engine for EnerSys in the coming years, complementing the growth of our existing business in lead and nickel based batteries."
Sanjay Deshpande, senior vice president for EnerSys Advanced Systems, who will manage the acquired business, added "EnerSys greatly values the experience and talent within ABSL. We will leverage these along with our existing lithium expertise to accelerate our development of advanced and effective lithium solutions for our customers."