Exhibit 99.1
1400 Union Meeting Road
Blue Bell, PA 19422
Phone: 215-619-2700
Shareholder Contacts:
Stephen E. Markert, Jr. of C&D: 215-619-7835
Joseph Crivelli of Gregory FCA, for C&D: 610-642-8253
For Immediate Release
C&D Technologies Completes Acquisition of
Celestica Power Systems
BLUE BELL, PA - September 30, 2004 - C&D Technologies (NYSE: CHP) today
announced that it has closed the acquisition of the Power Systems division of
Celestica Inc. (NYSE: CLS). The all-cash transaction was valued at $52.8
million.
Celestica Power Systems is a Toronto, Ontario-based manufacturer with sales of
approximately $94 million for the twelve months ending June 30, 2004. Celestica
Power Systems develops DC/DC and AC/DC power supplies which are sold on a direct
basis to large computing and communications original equipment manufacturers
("OEMs").
Wade H. Roberts, Jr., president and chief executive officer of C&D Technologies,
stated, "The acquisition of Celestica's Power Systems operation is C&D's third
completed transaction in the power electronics industry this year, thereby
establishing C&D as a leading provider of power electronics solutions to major
OEMs worldwide. With this acquisition, C&D gains a broader product offering, an
expanded customer base and additional sophisticated, cost effective engineering
resources in Shanghai, China, where C&D currently enjoys a well established
presence. Clearly, these additional resources will enhance C&D's product
development capabilities. We expect the transaction to be accretive to earnings
per share in the current fiscal year."
C&D Technologies will hold a conference call on Wednesday, October 6 at 9:00
a.m. Eastern Daylight Time to discuss its recent acquisitions and plans for the
Power Electronics Division. To participate, please call 706-679-4521
approximately five minutes before the conference call start time. A replay of
the conference call will be available at approximately 12:00 p.m. and will
remain available until midnight on Wednesday, October 20, 2004. Please call
800-642-1687 (706-645-9291 for international callers) and enter pin number
1263169 to access the replay.
(more)
A simultaneous webcast of the conference call may be accessed at the investor
relations section of our website at http://www.cdtechno.com. To listen to the
live call, please go to the web site at least fifteen minutes early to register,
download and install any necessary audio software. An archive of the conference
call will be available approximately two hours after the conference call ends
and will remain available on the company's website until October 20, 2004.
This press release may contain forward-looking statements (within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934) which are based on management's current expectations and
are subject to uncertainties and changes in circumstances. Words and expressions
reflecting something other than historical fact are intended to identify
forward-looking statements, but are not the exclusive means of identifying such
statements. Factors that appear with the forward- looking statements, or in the
company's Securities and Exchange Commission filings (including without
limitation the company's annual report on Form 10-K for the fiscal year ended
January 31, 2004, or the quarterly reports filed on Form 10-Q thereafter), could
cause the company's actual results to differ materially from those expressed in
any forward-looking statements made herein.
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SOURCE C&D Technologies, Inc.