Ultralife Corporation Expands Operations with Recent Acquisition
Ultralife Corporation Completes Strategic Acquisition
Ultralife Corporation (NASDAQ: ULBI) has recently achieved a significant milestone by completing the acquisition of Electrochem Solutions, Inc. The deal, valued at $50 million, reflects Ultralife's dedication to expanding its portfolio and enhancing its service offerings across various sectors.
Understanding the Acquisition
The acquisition took place when Ultralife finalized the purchase of all outstanding shares of Electrochem from Integer Holdings Corporation. This strategic move allows Ultralife to integrate Electrochem's advanced technologies and expertise into its operations, as well as strengthen its commitment to its stakeholders.
Leadership Insight
Mike Manna, President and Chief Executive Officer of Ultralife Corporation, expressed his excitement about the acquisition. He stated, "Welcoming Electrochem to the Ultralife family is a thrilling opportunity as they share our core values and commitment to quality service. We look forward to collaborating with Khristine Carroll, the President of Electrochem, and her experienced team to harness operational efficiencies and drive revenue growth through integrated platforms. This collaboration will help us reach new markets that prioritize safety, reliability, and quality in their product offerings."
Electrochem Solutions Overview
Located in Raynham, MA, Electrochem Solutions holds over four decades of experience in battery technology. The company designs and manufactures primary lithium metal cells, ultracapacitor cells, and battery packs, catering to military, industrial, and utility markets worldwide. For the year leading up to September 30, 2024, Electrochem reported revenue of approximately $34 million, showcasing its significant market presence.
Financing the Acquisition
To facilitate the acquisition of Electrochem, Ultralife entered into a new Credit and Security Agreement with KeyBank, N.A., supported by M&T Bank and Community Bank. This financial backing illustrates Ultralife's strategic approach to this acquisition, ensuring it is well-positioned for future growth and stability.
Ultralife Corporation's Mission
Ultralife Corporation is dedicated to providing innovative solutions across various sectors, including energy and communications. The company’s collaborative approach emphasizes engineering solutions that meet the unique needs of government and commercial customers. With operations spanning North America, Europe, and Asia, Ultralife is committed to delivering products and services that promise quality, reliability, and performance.
Company's Strategic Vision
Ultralife aims not only to enhance its product offerings through acquisitions but also to maintain its competitive edge in the market. By integrating companies like Electrochem Solutions, Ultralife seeks to expand its manufacturing capabilities and achieve greater operating leverage, indicating a firm commitment to its growth strategy.
Frequently Asked Questions
What is the reason behind Ultralife's acquisition of Electrochem?
Ultralife acquired Electrochem to enhance its product offerings and operational efficiencies, aiming for growth and improved service delivery.
What types of products does Electrochem manufacture?
Electrochem specializes in primary lithium metal cells, ultracapacitor cells, and battery packs for military, industrial, and utility markets.
How will this acquisition impact Ultralife's market position?
This acquisition is expected to strengthen Ultralife's competitive position by expanding its product offerings and reaching new markets.
What is Ultralife's core business focus?
Ultralife focuses on providing high-quality power solutions and communications systems to various sectors worldwide.
Who can I contact for more information about Ultralife Corporation?
For more information, you can contact Philip A. Fain at (315) 210-6110 or email at pfain@ulbi.com.
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