Solomon Technologies, a developer of electric drive systems, has signed a letter of intent to acquire Unipower, a manufacturer of power supplies and related equipment. Solomon currently anticipates that the acquisition will close in the latter half of 2007.
"The acquisition of Unipower is the next step in achieving our growth and profitability goals for 2007," said Solomon CEO, Gary G. Brandt. "We expect that Unipower will be a major component of our expanding power electronics business and will provide significant synergies with our Technipower operations and our pending acquisition of Deltron. The combination of Technipower's high power, high reliability product lines in conjunction with Unipower's and Deltron's precision power products should provide expanded cross selling opportunities, open new market channels and broaden our system capabilities. It should also enhance our efforts in the Motive Power division as a result of the substantial increase in technical/engineering resources available in the Company."