Ultralife Announces Joint Venture to Establish Local Presence in India
08 February 2008 11:00
Ultralife (NASDAQ: ULBI) announced that it has entered into a definitive agreement to form a joint venture with its distribution partner in India to establish a battery assembly and sales operation in Bangalore.
The joint venture company, of which Ultralife will own 51%, has received approval by the Indian government and will be managed locally by Ultralife's partner, Mr B R Ganesh. The joint venture company will assemble Ultralife power solution products and manage local sales and marketing activities, serving commercial, government and defense customers throughout India.
"This venture enables us to deepen our presence in the rapidly growing market in India, thus facilitating access to a diverse set of customers throughout the country," said John D Kavazanjian, Ultralife's president and chief executive officer.
"Although we will initially focus on the sale of battery products, we have the option to broaden the operation to support the assembly and sale of a wider range of power solutions."
For more information on this company:
Ultralife - Lithium Batteries, Chargers, Communications and Electronics Systems and Accessories
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