East Penn acquires majority share of Michigan-based company

 

A move by East Penn Manufacturing will help the Berks County-based battery maker meet the growing need of its customers, the company said Thursday.

East Penn announced that it has acquired a majority interest in Navitas Systems, a Michigan-based battery company.

The acquisition, East Penn said, will accelerate its expansion of its motive power battery offering as well as its strategic integration into other market segments.

"East Penn and Navitas share corporate values of quality, research and development, and ethical integrity," said Chris Pruitt, East Penn's president and CEO. "Navitas also shares our passion for producing safe, high quality Lithium products."

Navitas will continue to be run by its current management team, and the company's research and manufacturing facilities will remain in Ann Arbor.

"We could not imagine a stronger company to partner with, and we look forward to helping bring advanced lithium battery solutions in a complementary fashion to the already innovative portfolio of battery products offered by East Penn," said Alan ElShafei, Navitas' founder and chairman.

Terms of the deal were not disclosed.