CLEVELAND, Nov. 25, 2014 /PRNewswire/ -- OM Group, Inc. (NYSE: OMG) today announced that it has successfully completed its previously-announced acquisition of Ener-Tek International, Inc., which operates under the brand name Yardney Technical Products ("Yardney"). Based in East Greenwich, Rhode Island, Yardney is a designer, developer and manufacturer of high-performance lithium-ion and silver-zinc cells and batteries for niche applications in the defense and aerospace markets. OM Group funded the $24 million acquisition price through existing cash balances.
Yardney is complementary to and will operate under OM Group's existing EaglePicher battery business, and will enable the business to better serve its battery customers with a wider range of innovative solutions. The acquisition will increase OM Group's lithium-ion technology capabilities and will provide a foothold into critical defense programs that are expected to grow at attractive rates.
EaglePicher recently won a competitive project identified as the Lithium-Ion for Military Applications (LIMA) program to build lithium-ion manufacturing capability aimed at supporting the U.S. military. The acquisition will accelerate EaglePicher's ability to address those needs, through a combination of each company's lithium-ion capabilities for U.S. Government applications, along with possessing the technology path from silver-zinc to lithium-ion to meet customers' needs for a wide range of solutions.
About EaglePicher Technologies, LLC
EaglePicher Technologies, LLC, an OM Group company, has been a leading producer of batteries and energetic devices for the defense, aerospace, medical, commercial, grid energy storage, and oil and gas industries for more than one hundred years. The company provides unmatched experience and capability in battery electrochemistry. EaglePicher also provides custom battery assemblies, battery management systems, pyrotechnic devices and custom power solutions. EaglePicher Technologies is headquartered in Joplin, Mo., and is ISO9001:2008 and AS9100C certified. For more information, visit www.eaglepicher.com.
About OM Group, Inc.
OM Group is a technology-driven diversified industrial company serving attractive global markets, including automotive systems, electronic devices, aerospace and defense, industrial and medical. Its business platforms use innovation and technology to address customers' complex applications and demanding requirements. For more information, please visit the Company's website at www.omgi.com.
The foregoing discussion may include forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon specific assumptions and are subject to uncertainties and factors relating to the company's operations and business environment, all of which are difficult to predict and many of which are beyond the control of the company. These uncertainties and factors could cause actual results of the company to differ materially from those expressed or implied in the forward-looking statements contained in the foregoing discussion. Such uncertainties and factors include: uncertainty in worldwide economic conditions; technological changes in our industry or in our customers' products; uncertainty with respect to U.S. Government spending levels or priorities; our ability to identify, complete and integrate acquisitions aligned with our strategy; failure to retain and recruit key personnel; the majority of our operations are outside the United States, which subjects us to risks that may adversely affect our operating results; fluctuations in the price and uncertainties in the supply of certain raw materials; costs incurred in connection with cost optimization plans and our ability to realize anticipated savings; level of returns on pension plan assets and changes in actuarial assumptions; insurance that we maintain may not fully cover all potential exposures; changes in effective tax rates or adverse outcomes resulting from tax examinations; unanticipated costs of environmental regulation, including changes that could affect sales of our products; failure to maintain sufficient cash in the U.S.; failure to protect or enforce our intellectual property rights; disruptions in relationships with key customers or any material adverse change in their business; possible future indebtedness that may impair our ability to operate our business successfully; extended business interruption at our key facilities; and the risk factors set forth in Part 1, Item 1a of our Annual Report on Form 10-K for the year ended December 31, 2013.
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SOURCE OM Group, Inc.