EaglePicher Corporation Completes Transaction to Sell EaglePicher Boron, LLC to Ceradyne, Inc. for $69 Million
September 04 2007 - 1:39PM
PR Newswire (US)
INKSTER, Mich., Sept. 4 /PRNewswire/ -- EaglePicher Corporation
(EaglePicher) today announced that it has completed its previously
announced transaction to sell EaglePicher Boron, LLC (EP Boron) to
Ceradyne, Inc. (NASDAQ:CRDN). 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 is a great complement to Ceradyne's existing assets, and I am
pleased that this will provide a solid growth opportunity for the
people and customers of Boron," said David Treadwell, president and
CEO of EaglePicher. "I would like to recognize and thank the
hard-working employees at EP Boron who contributed to making this
transaction a success." 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 to announce the
completion of this transaction," said David Reed, Ceradyne's
President of North American Operations. "Boron fits perfectly with
Ceradyne's long-term strategy, and I look forward to Boron becoming
an integral part of the Ceradyne team." 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: Tina Kozak for EaglePicher Corporation, +1-313-567-5067,
Web site: http://www.eaglepicher.com/
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