C&D Technologies Inc. of Blue Bell, a manufacturer of reserve power systems, is acquiring Trojan Battery Co. LCC, a California-based manufacturer of deep-cycle energy storage solutions.
The acquisition will combine two battery manufacturers with complementary products to create a company with over $1 billion in revenue and eight manufacturing facilities in the U.S., Mexico and China as well as international offices in Europe and Asia.
“This is a highly compelling combination with tremendous strategic value and an exciting multi-segment growth opportunity,” Armand Lauzon, CEO of C&D, said in a statement. “We are committed to preserving everything about C&D and Trojan that our respective loyal customers, suppliers and employees have come to expect over the years, while also using our larger scale and resources to take advantage of many exciting new opportunities."
C&D supplies products and services to customers in the utility, telecommunications, uninterruptible power supply, cable, broadband and renewable energy markets. Trojan manufactures deep-cycle batteries for motive and stationary applications.
"I'm excited about the agreement with C&D and believe that it will secure the company's future and position it for even greater success in the years ahead," Neil Thomas, president and CEO of Trojan Battery, said in a statement.
The companies said the transaction is expected to close in about 60 days and is subject to customary closing conditions and approvals.