Active Power Purchase Complete
RETFORD - Monday, November 21, 2016
The deal to acquire the business and assets of Active Power Inc (NASDAQ: ACPW), the flywheel energy storage specialist, has been completed.
A special vote of Active Power shareholders necessary to ratify the transaction announced on September 30 took place last week and the deal closed over the weekend.
Under the terms of the deal, Piller Power Systems Inc (Piller), the US subsidiary of Langley Holdings' Piller Division, has acquired the business and substantially all assets and operations of Active Power Inc, including the Active Power name.
With its installed base of around 5,000 kinetic energy storage units, Active Power complements Piller’s business perfectly. Piller is the leading producer of large rotary uninterruptible power supply (UPS) systems and its own Powerbridge product is for higher capacity applications. The company is now extremely well positioned in a global kinetic energy UPS market that is forecast to grow annually at nearly 9% between 2015 and 2024.
"We are very pleased to have completed this acquisition" said Piller Group Managing Director - Global Businesses, Andrew Dyke. “The synergies between the two companies are clear and the products complementary, providing a solid platform from which to strengthen and grow Piller's position in the critical power sector by combining the talents, products and services of both organisations.”
“The closing of this deal is a significant milestone” said Mark A Ascolese, President and CEO of Active Power Inc, who will remain behind with the company. “The financial strength and long-term approach of Langley Holdings, Piller's parent company, will serve as a significant enhancement to the Active Power business and I am sure will have a stabilizing and positive effect on it. The Board firmly believes that the sale of the business was the best alternative available in the circumstances, not only for stockholders, but also for customers, employees, vendors and other stakeholders”
Under the terms of the sale Agreement, Active Power Inc was required to change its name to something other than “Active Power” Consequently the company has changed its name to P10 Industries Inc. The newly named company plans to raise fresh capital and take a new direction. For more information go to www.p10industries.com.
About Active Power
Active Power(NASDAQ: ACPW) designs and manufactures flywheel uninterruptible power supply (UPS) systems, modular infrastructure solutions (MIS), and energy storage products for mission critical applications worldwide from its headquarters and manufacturing plant in Austin, Texas. The company was founded in 1996 and became public in 2001. Active Power products deliver 40 percent lower total cost of ownership, are proven 12 times less likely to fail and produce nine times less carbon emissions than conventional battery-backed UPS products. Customers are served via Austin and three regional operations centers located in the United Kingdom, Germany and China, that support the deployment of systems in more than 50 countries. For more information, visit www.activepower.com.
Active Power and Driven by Motion are registered trademarks of Piller Power Systems Inc (Piller) The Active Power logo is a trademark of Piller Power Systems Inc (Piller)
About Piller
Piller Group GmbH is a world leader in power protection and conditioning technology. The company builds electrical systems for mission critical applications worldwide. Clients include many of the world's central and commercial banks, stock exchanges and other financial institutions, as well as broadcasters, telecommunications networks, airports, government departments and co-location operators.
Founded by the German engineer Anton Piller in 1909, more than a century later, Piller is still headquartered and produces in Osterode and nearby Bilshausen, although today the company has subsidiaries across Europe, the Americas, Asia and Australia and employs over 800 people worldwide. Piller is a division of the privately owned British engineering and industrial group, Langley Holdings PLC. www.piller.com.
About Langley Holdings PLC
Langley Holdings PLC is a diverse, privately owned engineering and industrial group based in the United Kingdom with principal operating divisions located in Germany and France and more than 80 subsidiaries worldwide. The group's companies produce equipment ranging from electrical systems for data centers, machinery for cement and steel plants to food packaging systems, automotive welding equipment and printing presses.
The parent company was founded in 1975 by the current Chairman & CEO, Tony Langley. Today, the group has annual revenues approaching €1 billion, is entirely debt free and employs around 4,300 people worldwide. For more go to www.langleyholdings.com. Click here to download financial reports.