November 7 (Renewables Now) - C&D Technologies Inc has entered into an agreement to buy Trojan Battery Company LLC and thus create an enlarged battery manufacturer with more than USD 1 billion (EUR 870m) in revenue.
The news was announced on Tuesday by fund manager KPS Capital Partners LP, which owns the buyer. The transaction, whose value was not disclosed, is expected to close by the end of the year, subject to certain approvals. Trojan is being sold by Charlesbank Capital Partners LLC and other shareholders.
Blue Bell, Pennsylvania-based C&D offers industrial lead acid batteries and battery systems that are used for the storage and transmission of electrical power, mainly for standby power applications. Trojan, in turn, is headquartered in Santa Fe Springs, California, and provides deep-cycle batteries for motive and stationary applications.
The combined company will own eight production plants in the US states of California, Georgia, Indiana and Wisconsin, as well as in Mexico and China. In addition, it will have a joint venture in China, two advanced research and development centres and international offices located in Europe, the UAE and Asia.
"KPS acquired C&D to serve as a platform in the global energy storage industry, and the industrial logic of combining C&D and Trojan is extremely compelling," commented David Shapiro, a KPS managing partner.
(USD 1.0 = EUR 0.870)