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Following an extensive search and assessment of potential growth acquisitions, US based Battery and Energy Products and Communications Systems company, Ultralife Corporation, has purchased all of the outstanding shares in Staffordshire based battery specialist, Accutronics Ltd for £7.575m.
Following the sale, Accutronics will continue to trade normally, with no disruption to existing teams, customer purchase orders, contracts and agreements. Continuity of business relationships will be ensured with the Accutronics senior management team of Rob Phillips and Mike Allen remaining in their current roles.
Headquartered in Newark, New York, Ultralife Corporation specialises in products and services ranging from portable power solutions to communications and electronics systems for customers in the government, defence, and commercial sectors in North America, Europe, and Asia.
In a move to expand its commercial growth and revenue diversification among European OEMs, Ultralife Corporation identified Accutronics as a well run, profitable company with a compatible business model, growth profile and management approach.
Accutronics specialises in the custom battery design, development and manufacture of smart batteries, chargers and accessories for original equipment manufacturers (OEMs) predominantly in the European medical technology (MedTech) sector, an industry currently experiencing rapid growth with experts predicting high single-digit growth in the global medical batteries market.
“Having established an excellent reputation as a leading battery specialist in the high-tech medical markets over the last several years, this acquisition is great news for our customers, employees and other stakeholders,” explained Rob Phillips, sales and marketing director.
“This acquisition makes us an even stronger strategic supply partner to our international MedTech key accounts. Not only has Ultralife recognised our vision for leading innovation, investment in R&D, and customer service, it also recognised the growth potential from our established position in Europe,” continued Phillips.
“By maximising the joint resources of both companies, Accutronics will continue to implement its planned growth strategy and our customers will continue to enjoy ongoing support. Enhanced by the complementary resources and capabilities of the Ultralife group, Accutronics will offer an even stronger market reach in North American and Asian portable medical device markets.”