Proposed Sale of AEA Technology Battery Systems to Global Technology Company Investors
13th September 2005
AEA Technology PLC today announced the conditional sale of AEA Technology Battery Systems Ltd (ABSL) to Coller Capital Limited. This is part of the expected divestment strategy announced to the city earlier in the year, allowing AEA Technology PLC to focus on its core businesses of Rail and Environment. ABSL is being sold as part of a group of companies which include: Accentus, EASA, Engineering Safety and Risk (including Risk Solutions), Lexware International Limited, nCode and Somat, QSA, and Safeguard.
Coller Capital is a leading global investor managing in excess of $3.5 billion of committed capital. The company has a strong track record of investing in and developing technology based companies. Coller Capital has recognised the tremendous growth potential for the business and will offer Battery Systems access to resources previously unavailable through AEA Technology plc. This will allow us to reach our potential much more quickly.
This is a fundamental change for ABSL that will allow the company to develop the business, including improving and enhancing the services and products we offer our customers; investment in R&D, new technologies and products; the development of new target markets, as well as giving us the financial ability to take on other large contracts with our major customers. We will also be able to develop our facilities to best match our target market and key customers' needs.
The agreement is conditional upon AEA Technology plc shareholder approval, and a Circular will be posted later this week to shareholders recommending that they approve it at an Extraordinary General Meeting on Friday 30 September. The target is to complete the sale later that day.
With these timescales in mind, the company has already begun the planning and changes necessary to move the business forward. We will keep you fully informed of these exciting changes to the business over the next few days.
Most recent articles
- ABSL Selected to Supply Infrared Calibration System for SLSTR - 30th July 2008
- ABSL Power Solutions wins best technology award at Soldier Technology 2008 - 26th June 2008
- ABSL Selected to Supply Lithium-ion Battery for GMES Sentinel 1 - 18th June 2008
- ABSL To Conduct Astronaut Spacesuit Battery Program in Colorado - 20th May 2008
- ABSL Lithium-ion Batteries Enable European GPS Satellite Mission To Be Extended - 15th April 2008
