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[July 2007]
EaglePicher Corp Reaches Agreement to Sell EaglePicher Boron to Ceradyne
EaglePicher Corporation (Inkster, MI, USA) has announced that it has entered into an agreement to sell EaglePicher Boron LLC (EP Boron) to Ceradyne Inc (Costa Mesa, CA, USA). The two companies have signed a Purchase Agreement for approximately US$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 defence, 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 US$23 million in the fiscal year ending 30 November 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.
www.eaglepicher.com
ENDS