The new owners of Power Solutions— the batteries business sold last year by Johnson Controls— have told analysts they have “identified opportunities to further enhance the value of the company”.
Brookfield Business Partners, which together with fellow investment firm CDPQ announced a definitive agreement to buy Power Solutions last October, said the company “will continue to be a leading manufacturer of advanced batteries, supplying its global customer base”.
Brookfield CEO Cyrus Madon (pictured) said in a fourth-quarter 2018 update: “Power Solutions’ EBITA (earnings before interest, tax, and amortisation) has increased in all but one of the last 15 years. And that was during the credit crisis and it bounced back immediately in the following year.”
“Looking at our acquisition of Power Solutions, once again, we’ll be taking on what would appear to be a high level of debt,” said Madon. “But we already have fully committed financing in place for this acquisition from a group of global banks.”
Power Solutions is described by Brookfield as “the leading producer of advanced batteries for all automakers and aftermarket distributors and retailers for use in nearly all types of vehicles”.