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Ceradyne, Inc. recently announced that it has completed its previously announced acquisition of EaglePicher Boron LLC (EP Boron), Quapaw, Okla., for $69.6 million in cash. EP Boron was established in the early 1970s to produce the boron isotope 10B, which is a strong neutron absorber and is used for both nuclear waste containment and nuclear power plant neutron radiation control.
EP Boron will be operated as a wholly owned subsidiary of Ceradyne, Inc., reporting to Michael Kraft, vice president of Ceradyne’s nuclear and semiconductor business units. “This acquisition fits perfectly with Ceradyne’s longer-range global strategy,” said Kraft. “We will be developing plans to accelerate EP Boron’s global growth with the assistance of their very capable management team.”
According to Joel P. Moskowitz, Ceradyne’s chairman and chief executive officer, “I am very pleased with this latest Ceradyne acquisition, which meets our diversification objectives and provides us with a strategic opportunity that supports our continued expansion into both the nuclear waste containment and semiconductor arenas. Each of these markets shows considerable promise in the company’s future, and I am confident that Michael’s business development experience in these industries will prove resourceful.”
As previously disclosed, EP Boron’s sales were approximately $23.0 million in its fiscal year ended November 30, 2006, with strong operating margins.
Additional information is available at www.ceradyne.com.