READING, Pa. (AP) -- EnerSys said Wednesday that it reached a deal to buy Purcell Systems Inc. for $115 million.
Spokane, Wash.-based Purcell designs, manufactures and markets thermally-managed electronic equipment and battery cabinet enclosures for telecommunication, broadband, utility, rail and military uses.
EnerSys, one of the world's largest industrial battery makers, said Purcell's products and services are a natural extension of its own offerings for the stored energy market.
Privately held Purcell currently posts annual sales of about $100 million. EnerSys says it expects the deal to boost its earnings by 15 to 20 cents per share in the first year. The company earned $166.5 million, or $3.42 per share, for its fiscal year ended March 31.
Reading, Pa.-based EnerSys said it plans to finance the acquisition with existing cash and credit facilities.
EnerSys shares closed Tuesday at $55.73, up about 48 percent since the start of the year.
