EnerSys (NYSE: ENS), the global leader in stored energy
solutions for industrial applications, announced today that it has
completed its acquisition of Bren-Tronics. The acquisition of
Bren-Tronics marks a significant milestone in EnerSys’ strategic
growth and expansion initiatives.
“We are very pleased to have closed this important transaction
and can officially welcome Bren-Tronics to the EnerSys family,”
said EnerSys President & CEO David M. Shaffer. “EnerSys’
combination with Bren-Tronics will strengthen our position as a
critical enabler of the energy transition and supports our growth
in the attractive and growing military and defense end
markets.”
Shaffer added, “Our acquisition will accelerate EnerSys’
transformation in expanding our lithium product offerings, growing
revenue and profitability and advancing toward our fiscal year 2027
targets.”
Bren-Tronics, headquartered in Commack, N.Y., was previously a
privately held company and has developed a legacy of innovation
since 1973. Bren-Tronics is a leading manufacturer of highly
reliable portable power solutions, including small and large format
lithium batteries and charging solutions, for military and defense
applications. It has approximately 280 employees across the U.S.,
France, and the U.K., with 2023 sales of approximately $100
million. Bren-Tronics will be integrated within EnerSys’ Specialty
line of business.
EnerSys purchased Bren-Tronics for an all-cash transaction of
$208 million. The purchase price represents approximately 8.7x
Bren-Tronics’ adjusted EBITDA for the twelve months ending December
31, 2023. The transaction will be immediately accretive to
EnerSys.
EnerSys will provide further updates on the strategic and
financial benefits of the acquisition as well as integration plans
during its first quarter fiscal 2025 earnings call scheduled for
August 8, 2024, at 9:00 AM (ET). A live broadcast as well as a
replay of the earnings call can be accessed through the Investor
Relations section of the Company’s website at
www.investor.enersys.com.
Reed Smith LLP served as legal advisor to EnerSys in connection
with the transaction.
Stout, a global advisory firm, served as financial, tax, and IT
advisor to EnerSys in connection with the transaction.
Related information: Press Release, May 2, 2024 — EnerSys
to Acquire Bren-Tronics to Expand Presence in Critical Defense
Applications
About EnerSys
EnerSys is the global leader in stored energy solutions for
industrial applications and designs, manufactures, and distributes
energy systems solutions and motive power batteries, specialty
batteries, battery chargers, power equipment, battery accessories
and outdoor equipment enclosure solutions to customers worldwide.
The company goes to market through four lines of business: Energy
Systems, Motive Power, Specialty and New Ventures. Energy Systems,
which combine power conversion, power distribution, energy storage,
and enclosures, are used in the telecommunication, broadband and
utility industries, uninterruptible power supplies, and numerous
applications requiring stored energy solutions. Motive power
batteries and chargers are utilized in electric forklift trucks and
other industrial electric powered vehicles. Specialty batteries are
used in aerospace and defense applications, large over-the-road
trucks, premium automotive, medical and security systems
applications. New Ventures provides energy storage and management
systems for various applications including demand charge reduction,
utility back-up power, and dynamic fast charging for electric
vehicles. EnerSys also provides aftermarket and customer support
services to its customers in over 100 countries through its sales
and manufacturing locations around the world. To learn more about
EnerSys please visit www.enersys.com/en/
About Bren-Tronics
Bren-Tronics is a leading manufacturer of rechargeable batteries
for the Military and several other critical markets, including
Directed Energy, Robotics, and High Energy applications.
Bren-Tronics is a one-stop shop for its customers’ energy needs,
from R&D to comprehensive testing, including certification,
first article, and UN safety testing, and all the way through
manufacturing. To learn more about Bren-Tronics, please visit
www.bren-tronics.com/
Caution Concerning Forward-Looking Statements
This press release contains statements which, to the extent that
they are not recitations of historical fact, may constitute
forward-looking statements for purposes of the Securities Act of
1933, as amended (the “Securities Act”), and the Securities
Exchange Act of 1934, as amended. Such forward-looking statements
may include financial and other projections as well as statements
regarding EnerSys’ future plans, objectives, performance,
opportunities, revenues, capabilities, growth, progress, profits,
operating costs or EnerSys’ underlying assumptions. The words
“would,” “should”, “could,” “will,” “likely,” “possibly,”
“expects”, “expected,” “anticipate’, “intend,” “estimate,”
“target,” “probably,” “predict,” “forecast,” “project,” “continue,”
“plans,” “planned”, “look forward to” and “are looking forward to”
or other similar words and phrases may identify forward-looking
statements. Persons reading this press release are cautioned that
such statements are only predictions, and that EnerSys’ actual
future results or performance may be materially different.
Such forward-looking statements involve known and unknown risks
and uncertainties. A number of factors could cause actual results,
events or developments, or industry results, to be materially
different from any future results, events or developments
expressed, implied or anticipated by such forward-looking
statements, and our business and financial condition and results of
operations could be materially and adversely affected. In addition
to factors previously disclosed in EnerSys’ reports filed with the
U.S. Securities and Exchange Commission (the “SEC”), such factors
include, among others, EnerSys’ or the acquired companies’
respective businesses may not perform as expected due to
transaction-related uncertainty or other factors; that the parties
are unable to successfully implement integration strategies;
reputational risks and the reaction of the companies’ customers and
employees to the transaction; diversion of management time on
acquisition-related issues; the integration of acquired business
with EnerSys may take longer than anticipated or be more costly to
complete and that the anticipated benefits, including any
anticipated cost savings or strategic gains may be significantly
harder to achieve or take longer than anticipated or may not be
achieved. All forward-looking statements and information set forth
herein are based on management’s current beliefs and assumptions as
of the date hereof and speak only as of the date they are made.
EnerSys does not undertake to update forward-looking
statements.
Although EnerSys does not make forward-looking statements unless
it believes it has a reasonable basis for doing so, EnerSys cannot
guarantee their accuracy. The foregoing factors, among others,
could cause actual results to differ materially from those
described in these forward-looking statements. No undue reliance
should be placed on any forward-looking statements.
For a complete discussion of the assumptions, risks and
uncertainties related to EnerSys’ business, you are encouraged to
review its filings with the SEC, including the most recent Annual
Report on Form 10-K, as updated by quarterly or other reports
subsequently filed with the SEC.
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version on businesswire.com: https://www.businesswire.com/news/home/20240725544069/en/
Lisa Hartman Vice President, Investor Relations and Corporate
Communications EnerSys 610-236-4040 E-mail:
investorrelations@enersys.com
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