READING, Pa., Oct. 30 /PRNewswire-FirstCall/ -- EnerSys (NYSE: ENS) the world's largest manufacturer, marketer and distributor of industrial batteries announced today that it has signed a definitive agreement to acquire the industrial battery businesses of the Swiss company Accu Holding AG (SIX: ACUN). The transaction is subject to approval by the general assembly of Accu Holding. An extraordinary meeting of the general assembly is scheduled for November 24, 2009 after which the transaction is scheduled to close.
Enersys will acquire the stock of OEB Traction Batteries Inc. and the operating assets and liabilities of Oerlikon Stationary Batteries Inc., along with its Swedish sales subsidiary. The companies, which operate under the name Oerlikon Battery, have combined revenues in excess of $50 million per year.
All employees of these entities as well as some Accu Holding employees will be transferred to EnerSys. EnerSys is considering strategic options for Oerlikon Battery's factories in Switzerland, subject to appropriate consultation with officials and employees concerned, to transfer Oerlikon Battery's high quality designs to other EnerSys European factories. Concurrent with this acquisition, in order to continue to better serve their customers needs, EnerSys is planning the establishment of a European Product Development and Application center in the Greater Basel area in Switzerland serving both Oerlikon Battery and EnerSys customers.
"Oerlikon Battery has a very good reputation with a respected range of well designed products being furnished into high integrity applications in telecom, utilities, rail, and material handling as well as other sectors," said Raymond Kubis, president, EnerSys Europe. "We look forward to working with the customers of Oerlikon Battery and our new colleagues. We believe we can offer expanded opportunities to Oerlikon Battery customers with our global presence."
"As we have noted previously, with our strong financial position we view the difficult economic environment as an opportunity for us to acquire good companies, with quality products and experienced people to help us extend our market leadership in industrial energy storage," commented John D. Craig, chairman, president and chief executive officer of EnerSys.