Cleveland, Ohio-- OM Group, Inc. (NYSE:OMG) has completed its acquisition of EaglePicher Technologies, LLC (EaglePicher) from EaglePicher Corporation for $172 million, plus customary post closing adjustments. The transaction was funded by OMG's existing cash and credit facility.
"EaglePicher becomes the cornerstone of OM Group's portable power business, one of our primary growth platforms," said Joseph M. Scaminace, chairman and chief executive officer. "It adds broad R&D and technical expertise in battery chemistries and technologies, which will be critical to our growth in battery and battery materials applications."
EaglePicher will be a wholly owned subsidiary of OM Group and be led by its current management team. Randy Moore, EaglePicher's president, will report to Scaminace. The subsidiary will become a new reporting segment for OM Group called Battery Technologies.
EaglePicher, of Joplin, MO, designs and manufacturers batteries, battery management systems and energetic devices for the defense, aerospace and medical industries. For more than 50 years, the company has provided a broad product line of technically differentiated, high-performance products and solutions to industry. EaglePicher is also actively pursuing opportunities that would leverage its advanced power storage technologies to serve the rapidly growing alternative energy market.
In fiscal year 2009, EaglePicher recorded revenues of approximately $126 million, of which approximately 60 percent came from its defense business, approximately 33 percent from its aerospace business and the balance from its medical and other businesses.
For more information: OM Group, Inc.
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