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XPP Xp Power Limited

1,090.00
30.00 (2.83%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Xp Power Limited LSE:XPP London Ordinary Share SG9999003735 ORD 1P (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  30.00 2.83% 1,090.00 1,084.00 1,088.00 1,088.00 1,034.00 1,044.00 36,011 16:35:03
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Motors And Generators 290.4M -20M -0.8445 -12.88 257.66M

XP Power Ltd Acquisition(s)

10/05/2018 7:00am

UK Regulatory


 
TIDMXPP 
 
10 May 2018 
 
                               XP Power Limited 
 
                          ("XP Power" or the "Group") 
 
                   Acquisition of Glassman High Voltage Inc. 
 
XP Power, one of the world's leading developers and manufacturers of critical 
power control components for the electronics industry, announces that it has 
agreed to acquire the business and assets of Glassman High Voltage Inc. 
("Glassman"), a designer and manufacturer of high voltage, high power, power 
supplies (the "Acquisition"). 
 
Glassman, based in New Jersey, USA, supplies the industrial and technology 
sectors with a range of standard, modified and custom high voltage, high power 
conversion products, which are generally used in applications involved in the 
ionization and acceleration of particles.  Typical applications include 
semiconductor manufacturing equipment, vacuum/plasma processing, analytical 
instrumentation, medical diagnostics and test equipment. Glassman has the most 
comprehensive standard product portfolio in its sector, with the capabilities 
to also provide customer specific power solutions. In the fiscal year ended 31 
December 2017, Glassman recorded sales in the US of US$17.3 million (GBP12.4 
million), profit before tax of $2.9 million (GBP2.0 million) and had gross assets 
at the year end of $9.5 million (GBP6.8 million).  The Acquisition also includes 
the purchase of Glassman's small European sales business. 
 
Total consideration of US$44.5 million (GBP31.8 million) will be paid in cash on 
completion which is expected to be effective in May 2018. The Acquisition is on 
a debt and cash free basis and was funded with a US$45.0 million extension of 
the Group's existing revolving credit facility. The Acquisition is expected to 
be enhancing to XP Power's earnings in 2018*. 
 
Glassman and XP Power share several customers, and while there is no direct 
overlap in product lines, the power supply solutions of the two companies are 
highly complementary. Glassman's products and engineering capabilities will 
enhance the Group's ability to implement its strategy of winning a greater 
share of business from its largest customers by achieving wider vertical 
penetration of key accounts. As well as a product offering suitable for an 
array of applications used by some of XP Power's existing customer base, 
Glassman will also bring a number of new customers to the Group. 
 
Glassman is being acquired from the estate of Sanford Glassman, Glassman's 
founder and major shareholder, who recently passed away.  The current 
President, Karolee Glassman, will leave Glassman at completion. John Belden, 
the General Manager of Glassman, will remain with the business and continue to 
run Glassman within XP Power. 
 
Duncan Penny, Chief Executive of XP Power, said: 
 
"We are delighted to welcome Glassman to the XP Power Group and are excited 
about the opportunities it will bring. Glassman fits directly with our strategy 
of growing our high power and high voltage capabilities to complete our product 
offering and expand our addresseable market.   This is our third such 
acquisition in just over two years and means we can now offer a full suite of 
products from miniaturized low power modules to high power rack mount high 
voltage solutions. We are confident that Glassman will have a very successful 
future as part of XP Power." 
 
* This statement does not constitute a profit forecast 
 
Enquiries: 
 
XP Power 
 
Duncan Penny, Chief Executive Officer  +44 (0)118 976 5086 
Gavin Griggs, Chief Financial Officer      +44 (0)118 976 5154 
 
Citigate Dewe Rogerson                     +44 (0)20 7638 9571 
 
Kevin Smith/Jos Bieneman/Sam Stibbs 
 
Note to editors 
 
XP designs and manufactures power controllers, the essential sub assembly in 
every piece of electrical equipment that converts the power from the 
electricity grid into the right form for the equipment to function.  XP 
typically designs in power control solutions into the end products of major 
blue chip OEMs, with a focus on the industrial (circa 39% of sales), healthcare 
(circa 31% sales) and technology (circa 30% of sales) sectors. Once designed 
into a program, XP has a revenue annuity over the life cycle of the customer's 
product which is typically 5 to 7 years depending on the industry sector. XP 
has invested in research and development and its own manufacturing facilities 
in China, North America and Vietnam, to develop a range of up to date products 
based on its own intellectual property that provide its customers with 
significantly improved functionality and efficiency. Headquartered in Singapore 
and listed on the Main Market of the London Stock Exchange since 2000, XP 
serves a global blue chip customer base from 27 locations in Asia, Europe and 
North America. 
 
 
 
END 
 

(END) Dow Jones Newswires

May 10, 2018 02:00 ET (06:00 GMT)

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