NEWARK \u2014 A company that started as a battery manufacturer for Eastman Kodak Company is being sold.<\/p>\n
Newark-based Ultralife Corporation announced Tuesday that it is being sold to stored-energy manufacturer EnerSys, which will acquire the Newark-based company in an all-cash transaction valued at approximately $320 million.<\/p>\n
EnerSys is based in Reading, Pennsylvania. Newark-based Ultralife has its headquarters at the Silver Hill Technology Park off of Route 88.<\/p>\n
Under the terms of the merger agreement, which has been unanimously approved by the Boards of Directors of both companies, Ultralife Corporation shareholders will receive $16 in cash for each share of Ultralife common stock they own.<\/p>\n
Ultralife said the merger with EnerSys \u201ccreates a compelling platform for continued innovation, customer support and growth.\u201d<\/p>\n
It added that the two companies \u201cwould be well positioned to establish a unique portfolio of integrated, mission-critical power solutions by combining complementary products, engineering capabilities and application-specific design expertise.\u201d<\/p>\n
Ultralife said it would also allow the two companies to \u201cincrease scale and broaden exposure to the large and rapidly growing defense market, with capabilities across mission-critical applications in munitions, soldier power, drones, counter drones, and autonomous systems accelerating focused growth.\u201d<\/p>\n
The company said it will \u201cexpand EnerSys\u2019 advanced defense power technology portfolio with the addition of Ultralife\u2019s differentiated multi-chemistry capabilities, purpose-built advanced manufacturing capacity with existing security and environmental permits, and operational expertise to scale production of EnerSys\u2019 proprietary liquid reserve battery technology and deepen customer relationships by creating a broader, Foreign Entity of Concern-compliant product portfolio for U.S. Department of War and allied country customers.\u201d<\/p>\n
\u201cCombining with EnerSys is an exciting next step that will allow us to unlock value and growth opportunities for both companies, while delivering substantial and certain cash value to Ultralife shareholders,\u201d said Michael E. Manna, president and chief executive officer of Ultralife. \u201cThis transaction is a testament to the hard work and dedication of our entire organization, and now offers even greater opportunities for our valued employees. We look forward to partnering with the EnerSys team with the combined scale, resources, and shared vision to accelerate innovation and better serve our global customer base.\u201d<\/p>\n
\u201cThis acquisition is a compelling strategic fit for EnerSys and directly advances our strategy to build a broader, more differentiated defense power platform,\u201d said Shawn O\u2019Connell, president and chief executive officer of EnerSys. \u201cBuilding on the success of our recent acquisitions, Ultralife expands our portfolio of advanced, reliable, high-performance power solutions. Together, we will be better positioned to support the U.S. Department of War and allied forces with leading-edge, cost-effective technologies for the increasingly electrified battlefield of the future. We know the Ultralife business and its team well and are confident that our shared commitment to engineering, problem-solving, and customer focus will create a strong cultural fit. We look forward to combining our strengths to accelerate growth, enhance performance, and deliver greater value to our customers and shareholders.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"NEWARK \u2014 A company that started as a battery manufacturer for Eastman Kodak Company is being sold. Newark-based…\n","protected":false},"author":2,"featured_media":316110,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[60,1126,17394,61,94678,2265,9679,28,30,29,2267,128871],"class_list":["post-316109","post","type-post","status-publish","format-standard","has-post-thumbnail","category-pennsylvania","tag-business","tag-company","tag-corporations","tag-economy","tag-enersys","tag-finance","tag-mergers-and-acquisitions","tag-pennsylvania","tag-pennsylvania-headlines","tag-pennsylvania-news","tag-private-sector","tag-ultralife-corporation"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts\/316109","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/comments?post=316109"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts\/316109\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/media\/316110"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/media?parent=316109"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/categories?post=316109"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/tags?post=316109"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}