© andreypopov dreamstime.com Components | November 16, 2018
Voltabox withdraws from acquiring Navitas
Voltabox AG, together with its US subsidiary Voltabox of Texas, Inc., makes use of its contractually agreed right of termination and withdraws from the purchase of Navitas Systems, LLC (Navitas) with immediate effect.
The main decisive factors for this are the fact that, contrary to Voltabox's expectations, the transaction has not yet been approved by the Committee on Foreign Investment in the United States (CFIUS) and that Navitas has not developed in line with Voltabox's expectations. Voltabox previously announced the entry into an agreement to purchase Navitas through its subsidiary Voltabox of Texas, Inc. on June 29th for the equivalent of 37 million euros (43 million dollars). At the time, the parties assumed that the CFIUS procedure would last a maximum of ninety days. CFIUS is a committee of the US government to regulate foreign investments into the United States. Most recently, Voltabox expected to receive approval on November 13th so that the transaction could have been completed in November. Since the repeatedly prospective approval did not take place at the CFIUS meeting (November 13, 2018), the Voltabox Management Board no longer sees sufficient planning security in this respect. In addition, the economic development of Navitas since the conclusion of the purchase agreement has not followed the course expected by Voltabox at the time of the purchase agreement has not followed the course expected by Voltabox at the time of the announcement of the acquisition, a press release states. "Instead of taking over the Navitas product range of battery systems for broad applications in forklift trucks, we will now develop similar systems ourselves and launch them on the market in the coming year“, explains Jürgen Pampel, CEO of Voltabox AG. In addition, Voltabox is examining possibilities for cooperation in cell production. Despite, the Voltabox Management Board confirms its forecast corridor for the year as a whole on the basis of the positive business development. For 2018, Voltabox expects sales of 65 to 70 million euros and an EBIT margin of around 7%.
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