EaglePicher Corporation Reaches Agreement to Sell EaglePicher Boron, LLC to Ceradyne, Inc. for $69 Million
June 27 2007 - 10:40AM
PR Newswire (US)
INKSTER, Mich., June 27 /PRNewswire/ -- EaglePicher Corporation
(EaglePicher) today announced that it has entered into an agreement
to sell EaglePicher Boron, LLC (EP Boron) to Ceradyne, Inc.
(NASDAQ:CRDN). The two companies have signed a Purchase Agreement
for approximately $69 million in cash. EP Boron, located in Quapaw,
Oklahoma, has produced enriched boron isotopes and products
containing other stable isotopes for the nuclear, semiconductor and
hazardous materials industries. Its products include isotope B11,
an additive to semiconductor grade silicon, and isotope B10, a
neutron absorber. Ceradyne develops, manufactures, and markets
advanced technical ceramic products and components for defense,
industrial, automotive/diesel, and commercial applications. "EP
Boron has been the leader in supplying boron isotope products to
the nuclear and semiconductor industry," said David Treadwell,
president and CEO of EaglePicher. "EP Boron is a great fit with
Ceradyne. We are pleased that this will provide a solid growth
opportunity for the people and customers of Boron." EP Boron sales
were approximately $23 million in the fiscal year ending November
30, 2006. It is anticipated that the management team at EP Boron
will remain in place. Over the last 18 months EaglePicher has
focused on operational excellence and technological innovation
throughout its business portfolio. It has also identified strategic
players who could grow a particular business. "Ceradyne is an
excellent example of that effort," said Treadwell. "I am very
excited about the pending acquisition of EP Boron," said David
Reed, Ceradyne's President of North American Operations. "It fits
perfectly in Ceradyne's longer range strategy." The sale is
expected to close within 60 days, pending necessary regulatory
approvals. Jefferies Quarterdeck, a division of Jefferies &
Company, Inc., acted as financial advisor to EaglePicher
Corporation in this transaction. EaglePicher Corporation, based in
Inkster, Mich., operates businesses in automotive, defense, space,
commercial power, and medical. Its other companies include
Hillsdale Automotive, LLC; Wolverine Advanced Materials, LLC;
EaglePicher Technologies, LLC; EaglePicher Medical Power, and EP
Minerals, LLC. For more information, visit
http://www.eaglepicher.com/. DATASOURCE: EaglePicher Corporation
CONTACT: Maria Leonhauser, +1-313-567-5080, , for EaglePicher
Corporation Web site: http://www.eaglepicher.com/
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