EnerSys to Buy Purcell Systems for $115 Million
Today, EnerSys announced it has agreed to purchase Purcell Systems, which creates thermally managed electronic equipment enclosures for a variety of industries, including telecom, energy, transportation, and government. The transaction is valued at $115 million and will be financed through cash and credit facilities.
EnerSys CEO and Chairman John Craig said in the press release that Purcell's products and services are a "natural extension of EnerSys' stored energy market leadership." EnerSys is one of the world's largest industrial battery makers. Purcell sales are currently in excess of $100 million per year and EnerSys expects the purchase to be accretive to earnings by $0.15 to $0.20 cents per diluted share in the first year.
For the year ending March 31, 2013, EnerSys had diluted earnings per share of $3.42 and net sales of $2.3 billion .
Purcell Systems headquarters are located Spokane, Wash., and it has international operations based out of Stockholm, Sweden. EnerSys is headquartered in Reading, Pa.
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