Sevcon Acquires Remaining 50% Equity Interest in Chinese Joint Venture
June 08 2017 - 2:28PM
Sevcon, Inc. (Nasdaq:SEV), a world leader in the design and
manufacture of controls and battery chargers for zero emission
electric and hybrid vehicles, today announced that the Company
agreed to acquire Xuchang Fuhua Glass Co. Ltd’s (“Fuhua Glass”)
entire 50% equity interest in Sevcon New Energy Technology (Hubei)
Co., Ltd. (“Sevcon New Energy Technology”), for a purchase price of
$5,000,000. The Company already holds a 50% equity interest
in Sevcon New Energy Technology and, upon the consummation of the
acquisition, Sevcon New Energy Technology will become a
“wholly-owned foreign entity” under Chinese law. Sevcon also
agreed to reimburse Fuhua Glass for the taxes paid by it in
relation to the equity transfer in an amount not to exceed
$1,173,675, as well as certain ancillary fees.
“Our acquisition of the remaining 50 percent
interest in Sevcon New Energy Technology will enable us to secure
its full future profit stream and further capitalize on our
existing opportunities in what is becoming the world’s largest
market for two-and four-wheel electric vehicles,” said Sevcon
President and CEO Matt Boyle.
About Sevcon, Inc.
Sevcon is a global supplier of control and power
solutions for zero-emission, electric and hybrid vehicles. Its
products control on- and off-road vehicle speed and movement,
integrate specialized functions, optimize energy consumption and
help reduce air pollution. Sevcon’s Bassi Division produces battery
chargers for electric vehicles; power management and uninterrupted
power source systems for industrial, medical and telecom
applications; and electronic instrumentation for battery
laboratories. The company supplies customers from its operations in
the U.S., U.K., France, Germany, Italy, China and the Asia Pacific
region, as well as through an international dealer network. Learn
more about Sevcon at www.sevcon.com.
Contact:
David Calusdian
Sharon Merrill Associates
1 (617) 542 5300
SEV@InvestorRelations.com
Matt Boyle
President and CEO
1 (508) 281 5503
matt.boyle@sevcon.com
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