 EnerSys chairman John D Craig |
Forklift and industrial battery manufacturer EnerSys has signed an agreement to buy FIAMM SpA's motive power battery business for EUR25 million (USD32.5 million).
The agreement is expected to be finalised during EnerSys's first fiscal quarter of 2006, which ends on July 3, 2005, pending final regulator approvals and the "satisfaction of other closing conditions", EnerSys said in a statement.
EnerSys chairman, president and CEO John D Craig said the company was looking forward to adding the FIAMM motive power brand to its global business.
"This strategic acquisition will further extend our global market leadership position in the motive power business segment and provides an additional platform to improve cost effectiveness and customer service capabilities in our European operations," Craig said.
FIAMM's motive power battery business operates primarily in Europe and had net sales of EUR70 million (USD90 million) for the fiscal year ended December 31, 2004.
FIAMM, headquartered in Italy, is the parent company of a worldwide group of 20 companies and sales offices active in the automotive components and lead acid battery markets.
It operates 12 plants in Europe and the US and supplies products to customers in more than 150 countries.