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Company News:
Xantrex Announces Closing of Acquisition of Elgar Electronics
VANCOUVER, B.C., March 12, 2007 – Xantrex Technology Inc. (TSX:XTX) today announced it has completed the acquisition of Elgar Electronics Corporation, a leading provider of programmable power products and systems for $108 million in cash."Acquiring Elgar is an important milestone for Xantrex," said Mossadiq Umedaly, Xantrex Chairman. "With Elgar, Xantrex will be the leader in programmable power with the broadest product line in the industry. In addition to financial benefits and synergies, the acquisition will provide management capability, new technologies, and production know-how that will strengthen Xantrex’s entire business." Xantrex’s CEO John Wallace commented, "Xantrex and Elgar have a shared vision for the advanced power electronics market. Together we will benefit from broader capabilities and shared technology which will enable us to offer a broad spectrum of quality products through an expanded distribution network for our new customer base." About Xantrex For further information, please contact: | ||
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