Industry News
November 23, 2009
New Energy Systems Group Announces Agreement to Acquire Anytone International (H.K.) Co., Ltd.
New Energy Systems Group, a manufacturer and distributor of battery components in China, announced that it has agreed to acquire Anytone International (H.K.) Co., Ltd. and its wholly owned subsidiary, Shenzhen Anytone Technology Co., Ltd. (Anytone), a Shenzhen-based high tech, integrated product research, manufacturing and marketing company for lithium batteries. New Energy Systems Group will pay $33.7 million for the company consisting of $10.0 million in cash and the remaining $23.7 million by issuing approximately 3.6 million shares of common stock based on an average stock price of $6.60 per share. The company expects to complete the acquisition before the end of 2009.
Anytone generated revenue of $10.1 million in 2008, a 139.6% increase over the year ended December 31, 2007. For the nine months ended September 30, 2009, Anytone generated revenue of $17.4 million and net income of $3.2 million, and expects to achieve revenue of $24.2 million and net income of $4.5 million for the year ended December 31, 2009. Anytone has maintained an annual growth rate in excess of 100% over the past four years. For the year of 2010, Anytone is projected to generate revenue of $36.2 million and net income of $6.7 million.
Anytone manufactures and sells mobile power resources based on lithium ion batteries for a full spectrum of products, including mobile phones, notebook computers, digital cameras, MP4s, PMPs, PDAs, solar and digital applications. Many of Anytone’s products are said to generate 4-7 times more power than the original OEM battery’s capacity. The company’s power sources support some of the best known products in the world, including Apple’s iPod family of products. Anytone had 7 practical patents and 23 appearance design patents by the State Intellectual Property Office of the People’s Republic of China (SIPO). The company is also awaiting approval for its new innovation patent by SIPO. The company has also obtained CE, FCC, 3C, ROHS, UL and other certifications.
Fushun Li, Chief Executive Officer, commented, "Our planned acquisition of Anytone adds an important dimension to our business in terms of additional product offerings and an impressive new customer base. It will also make New Energy Systems Group a much larger company and enable us to benefit from economies of scale, including better terms from our customers and suppliers. We are pleased to welcome key executives from Anytone’s talented management team to the combined organization as well as Anytone’s seasoned and motivated sales force. All of Anytone’s senior executives will remain with the company and we anticipate a seamless transition."
Li continued, "With a strong track record of growth and $6.7 million of projected net income for Anytone in 2010, we are quite pleased with the terms of the transaction. Moreover, the decision by Anytone’s owners to receive the majority of their compensation in the form of equity, illustrates their confidence in the outlook for our combined businesses. As demand for mobile devices continues its favorable growth trends in China and around the world, this acquisition will strengthen our intellectual property portfolio and further enhance our reputation in the battery market."
Share this story
Send via E-mail
Post to Twitter
Share on Facebook
On the Web:
Anytone International (H.K.) Co. Ltd.
New Energy Systems Group
- New EU Project to Dramatically Cut Power Consumption of Telecoms Networks
- Global Solar Enery Rolls Out Powerful Flexible Module for Roofing Industry
- Smart Grid Electronics Forum Program Announced
- What is Most-Important to the Future of Power? You Can Weigh-in on this at Darnell Power Forum
- 3W Power Holdings/AEG Power Solutions Announces First Half 2010 Financial Results
- GH Induction Atmospheres Introduces New Induction Heating Power Supplies with Wide Frequency Range
- Diodes Inc Introduces DIOFETs for PoL Converters
- DOE Announces Two Million Smart Grid Meters Installed Nationwide
- Deere Reaches Agreement for Sale of Wind Energy Business
- IR Introduces New Automotive DirectFET2 Power MOSFETs Optimized for Switching Applications
- Oltronics Offers 450W AC-DC Power Supplies for Free
- Martek Power Moves Into Laser and Lighting Power Supply Market with Acquisition of Laser Drive
- IXYS Clare Introduces New Family of 9A Ultrafast MOSFET Drivers
- SMA Solar Sales in First Half of 2010 Almost as High as Whole of 2009
- Tectrol Releases 1200W 12V Front End for Datacom & Storage Applications
- Emerson to Sell Motors and Controls Businesses to Nidec Corp.
- Phihong Adds LED Drivers to Power Supply Product Offering
- Deere Reaches Agreement for Sale of Wind Energy Business
- Flextronics Opens Power Facility in Ganzhou, Jiangxi China
- Saft & Acciona Energia Join Forces to Offer Stability, Power Management & Grid Connection for PV Plant in Spain
Conferences and Forums
.gif)
.gif)
Subscribe to the PowerPulse Newsletter
Did You Know?
Primitive batteries capable of producing ½ volt of electricity were made in Mesopotamia between around 200 B.C. and 200 A.D. They were used mainly for electroplating silver onto copper.