Electrochem Announces Completion of Micro Power Electronics Acquisition
Electrochem Solutions, Inc., a subsidiary of Greatbatch, Inc. announced that it has successfully completed its previously announced acquisition of Micro Power Electronics. In connection with this transaction, Electrochem paid $60 million in cash and assumed debt and certain transaction-related payments and expenses. Greatbatch financed this acquisition with cash on hand and borrowed $45 million under its revolving credit facility.
Micro Power, headquartered in Beaverton, Oregon, is a supplier of custom battery solutions, serving the portable medical market as well as military and handheld automatic identification and data collection (AIDC) markets. As a pioneer in the development of Lithium battery systems, smart battery packs, chargers, docking stations, and power supplies, Micro Power has more than 25 years of experience developing battery solutions. Micro Power is ISO 13485 and 9001:2008 certified.