VANCOUVER, March 12 /CNW/ - 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
"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."
Xantrex Technology Inc. (www.xantrex.com) a world leader in the
development, manufacturing and marketing of advanced power electronic products
and systems for the renewable, portable, mobile, and programmable power
markets. The company's products convert and control raw electrical power from
any central, distributed, renewable, or backup power source into high-quality
power required by electronic and electrical equipment. Headquartered in
Vancouver, British Columbia, the company has facilities in Arlington,
Washington; Livermore and San Diego, California; Elkhart, Indiana; Barcelona,
Spain; and Reading, England. Xantrex is listed on the Toronto Stock Exchange
under the ticker symbol "XTX".
Note that this news release contains forward-looking statements related
to Xantrex Technology Inc. Such statements reflect the current views of
Xantrex with respect to future events and are subject to risks and
uncertainties that could cause actual results to differ materially from those
contemplated in these forward-looking statements.
For further information:
For further information: Donna Clark, (604) 422-2601,