Blue Bell, PA; Mansfield, MA—C&D Technologies reports that it’s buying Datel Inc. in an all-cash transaction. The purchase is scheduled to close in the second quarter of 2004.
Blue Bell, PA; Mansfield, MA— C&D Technologies reports that it’s buying Datel Inc. in an all-cash transaction. The purchase is scheduled to close in the second quarter of 2004, pending antitrust clearance and customary closing conditions. When completed, the transaction is expected to be immediately accretive to earnings. Terms of the deal were not disclosed.
With sales of approximately $60 million for the 12 months ending March 2004, Datel manufactures dc/dc converters, digital panel meters, and data acquisition components. C&D reports that acquiring Datel will broaden its product offerings, give it access to a diverse group of OEMs, and expand its international footprint, including operations in Japan.
‘This transaction comports with our plans for growing organically as well as via acquisition’” says Wade Roberts Jr., C&D’s president and CEO. “This acquisition expands our customer base, product portfolio and international presence. In this latter regard, Datel’s historic strength in Asia and Europe considerably enhances our international position. We look forward to Datel joining C&D while recognizing that this fine company has been extremely successful on its own.’
In addition, C&D recently bought Celab Ltd. (Bordon, Hampshire, U.K.) for approximately $12 million in cash. Celab provides power conversion products, predominantly sold to military, cable TV and telecom applications in Europe. C&D reports that acquiring Celab gives it a platform for expanded military sales. For the 12 months that ended in January 2004, Celab recorded revenues of approximately $10 million. This transaction is also expected to be immediately accretive to earnings.
C&D adds that both acquisitions complement its Power Electronics Division, which provides power conversion products and electronic components. As a result, C&D expects to nearly triple its power electronics revenue.
Control Engineering Daily News DeskJim Montague, news [email protected]
