Polypore International announced that through its wholly owned subsidiary, Celgard, LLC, the company has signed a definitive purchase agreement with the shareholders of Yurie-Wide Corporation, a South Korean company, to purchase 100% of the outstanding capital stock of Yurie-Wide. The purchase price will be approximately $23 million in cash. The company expects to complete the acquisition in May 2008.
Polypore, through its Celgard business, is a leading manufacturer of mono-layer polypropylene and multi-layer polypropylene/polyethylene separators used in rechargeable lithium-ion batteries for personal electronic devices such as notebook computers, mobile telephones and digital cameras and other high performance applications such as power tools and emerging applications such as hybrid-electric vehicles (HEVs) and electric vehicles (EVs).
Yurie-Wide has developed technology for the manufacture of polyethylene separators for lithium-ion batteries. The acquisition of Yurie-Wide will bring this membrane process technology to Polypore's expanding lithium-ion product portfolio -- already the broadest in the industry -- as well as a manufacturing base in Asia. This acquisition will strengthen the company's ability to continue supplying the major Asian battery manufacturers, enhance its ability to service its worldwide customer base and provide opportunities to serve new customers. Polypore expects the acquisition to be accretive beginning in late 2009.
(Source and Image: Polypore International)