Universal Power Group (UPG) announced that it has purchased Progressive Technologies (PTI), a lithium-ion battery pack maker. UPG has completed the acquisition of assets and business of PTI for $3.3 million.
Lithium-ion batteries and other custom products have been designed and manufactured by PTI for application in technology, medical, military and government sectors. The company’s custom battery products are utilized in mining, computers, medical equipment, handheld communications equipment, camcorders, metering and military applications. PTI has a number of ISO certifications that are required for medical equipment purchasers and other specialty battery pack consumers.
Ian Edmonds, UPG’s President and CEO, said that the addition of PTI’s high-quality products will improve the company’s product line. Also, the lithium-ion battery products from PTI help UPG to enter the rapidly growing battery market. The PTI acquisition will allow UPG to gain expertise in battery packs and advance its products and services. In addition, the purchase will reinforce UPG’s position in the medical market.
Source: http://upgi.com/