Piller Power Systems, the US Subsidiary of Langley Holdings' Piller Division, has completed its deal to acquire the business and assets of Active Power Inc.
Under the terms of the deal the company has acquired the business and substantially all assets and operations of Active Power Inc, including the Active Power name.
'We are very pleased to have completed this acquisition' said Piller Group Managing Director Global Businesses, Andrew Dyke. “The synergies between the two companies are clear and the products complementary, providing a solid platform from which to strengthen and grow Piller's position in the critical power sector by combining the talents, products and services of both organisations.”
“The closing of this deal is a significant milestone,” said Mark A Ascolese, President and CEO of Active Power Inc, who will remain behind with the company. “The financial strength and long-term approach of Langley Holdings, Piller's parent company, will serve as a significant enhancement to the Active Power business and I am sure will have a stabilising and positive effect on it. The Board firmly believes that the sale of the business was the best alternative available in the circumstances, not only for stockholders, but also for customers, employees, vendors and other stakeholders.”
Under the terms of the sale Agreement, Active Power Inc was required to change its name to something other than “Active Power” Consequently the company has changed its name to P10 Industries Inc. The newly named company plans to raise fresh capital and take a new direction.