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Posted: Nov 07, 2010
China Ritar Power Corp. Announces Letter of Intent to Acquire a Battery Company in Zhuzhou, China
(Nanowerk News) China Ritar Power Corporation, a leading supplier of innovative nano gel battery products and solutions, today announced it has signed a Letter of Intent (LOI) to acquire TDL Power Technology Co., Ltd. ("TDL"), a private-owned battery company in Zhuzhou, Hunan Province, China.
TDL designs and manufactures a series of lead acid batteries based on its proprietary plate component formula. The batteries, mostly used in the electronic bicycle market, have the advantages of long duration, high output and low failure rate. It has an established sales network in Fujian and Shangdong province.
Mr. Hu Jiada, CEO of China Ritar, stated, "We are very excited to work together with the dedicated TDL team. The acquisition will greatly strengthen our R&D capability, expand our product portfolio, improve our competitive position in several key markets and enhance the overall product quality of China Ritar."
"The TDL acquisition will be the first in China Ritar's history", commented Mr. Hu Jiada, CEO of CRTP. "Selective acquisition will become a core component of our competitive strategy moving forward."
The specific terms of the acquisition are not disclosed. Final purchase determination will be settled following the results and conclusions reached following the company's due diligence work. The deal is expected to be accretive and to close by the end of 2010.
About China Ritar Power Corporation
China Ritar Power Corporation ("China Ritar") is the leading supplier of innovative nano gel and environmentally friendly battery products and solutions for power applications and power storing systems. China Ritar's products and solutions are used in Alternative Energy (solar and wind power), Telecommunications (3G), Uninterrupted Power Source (UPS) and Light Electrical Vehicles (LEV) industries. In 2009, China Ritar had sales of $98.6 million and currently employs about 1,800 people worldwide. Ritar (R) is a registered trademark of China Ritar in China and other countries. All product names are trademarks of China Ritar (including its subsidiaries).