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.
|SOURCE EaglePicher Corporation|
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