Oct. 6, 2015, 3:00 PM
- Johnson Controls (JCI -0.2%) is in talks to acquire battery maker EnerSys (ENS +5.6%), as JCI tries to reshape itself in an effort to boost profitability, WSJ reports.
- Terms are not known, but with a ~$2.7B market cap, a sale of ENS could value the company at well north of $3B given a typical takeover premium.
- CEO Alex Molinaroli has been trying to steer JCI away from low-margin automotive markets to become a more-profitable “multi-industrial” company; its battery business is one of its best-performing units, with a FQ3 operating margin of 15.9% and a 22% increase in operating income from last year to $234M.
Sep. 18, 2013, 7:53 AM
- Industrial battery maker EnerSys (ENS) agrees to acquire Purcell Systems for $115M; Purcell is a maker of thermally managed electronic equipment and battery cabinet enclosures for telecom, broadband, utility, rail and military applications.
- ENS says the transaction will be accretive to its EPS by $0.15-$0.20 in the first year; it will be financed using existing cash and credit facilities.