C&D Technologies Acquires Datel

Jul 1, 2004 4:07 PM
Edited by PETech Staff

C&D Technologies has closed the acquisition of Datel Inc. in a transaction valued at $74.6 million. The acquisition was funded through a $66.1 million cash payment as well as the assumption of approximately $8.5 million in debt.

Datel is a Mansfield, Mass.-based manufacturer with sales of approximately $60 million for the 12 months ending in March 2004. Datel's business is focused primarily on dc-dc converters, with additional product offerings in digital panel meters and data acquisition components. The acquisition of Datel will provide C&D with a broader product offering, access to a diverse group of Original Equipment Manufacturer (OEM) customers as well as an expanded international footprint, including operations in Japan. Datel has significant market presence in mid-power dc-dc converters and will expand the total C&D offering, thereby enabling the company to more fully satisfy customer requirements. This transaction is expected to be immediately accretive to earnings.

C&D's bank line of credit was amended and increased from $100 million to $175 million, with a $25 million accordion feature, to provide financing for this acquisition as well as additional working capital.

C&D Technologies will hold a conference call on July 8, 2004, at 4:30 p.m. EDT to discuss its recent acquisitions and plans for the Power Electronics Division. To participate, please call 706-679-4521 5 minutes before the conference call start time. A replay of the conference call will be available at approximately 8 p.m. and will remain available until midnight on July 22, 2004. Please call 800-642-1687 (706-645-9291 for international callers) and enter pin number 8524308 to access the replay.

A simultaneous Web cast of the conference call may be accessed at the investor relations section of the company's Web site at www.cdtechno.com. To listen to the live call, please go to the Web site at least 15 minutes early to register, download and install any necessary audio software. An archive of the conference call will be available approximately two hours after the conference call ends and will remain available on the company's Web site until July 22, 2004.

For more information, visit www.cdtechno.com.

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