Arotech Buys Epsilor

Advanced Battery Technology,  Mar 2004  

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Arotech Corporation has acquired Epsilor Electronic Industries, a privately owned Israeli corporation. For more than 10 years, Epsilor has developed and sold rechargeable and primary lithium batteries and smart chargers to the military and to private industry in the Middle East, Europe and Asia.

The purchase price for Epsilor is $7 million in cash, with an additional $3 million paid over the next three years. Epsilor management will continue to manage the company as a wholly owned subsidiary of Arotech.

Arotech plans to introduce the acquired lithium-based battery to its Auburn, Alabama, battery plant, as a base for broadening its U.S. military battery market. The acquired company has already developed European and Asian military markets for its batteries, which Arotech will use to expand the reach of its BA-8180/U zinc-air battery.

Arotech also announced they acquired FAAC Incorporated of Ann Arbor, Michigan. FAAC provides simulators, systems engineering and software products to the United States military, government and private industry.

Copyright Seven Mountains Scientific, Inc. Mar 2004
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