Worcester's Solid State to acquire US battery manufacturer for $45m
Redditch-based Solid State PLC, which manufactures and supplies computing, power and communications products, is to buy Custom Power LLC, a battery systems manufacturer based in Los Angeles.
Under the terms of the sale, Solid State has agreed to acquire all of the equity in Custom Power for a maximum price of $45 million (around £37.8 million).
The acquisition will help Solid State expand their power capabilities, particularly in the defence, medical and industrial sectors, which are notoriously difficult to enter.
It will also provide them with additional US manufacturing capacity as well as contract manufacturing relationship with Mexico. On top of this, it will open new channels for Solid State’s proprietary power products and systems to reach Tier 1 customers while giving the company a portfolio of “own-brand” semi-standard battery products adopted in the security and defence, medical, and industrial markets.
The acquisition follows Solid State's recent Transport for London contract award, which will see them helping to deliver a new one person operation CCTV system as part of the upgrades to the Piccadilly line.
Read more - Solid State awarded Transport for London contract
