One of Bellingham’s largest manufacturers is being sold to a similar global energy company for $750 million.
Alpha Technologies, which provides a variety of commercial energy equipment for many different industries, has agreed to be acquired by EnerSys, a global energy company based in Reading, Pennsylvania. According to a news release from Enersys, $650 million of the sales price will be paid in cash, with the remaining in the form of EnerSys shares of the publicly traded company. The deal is expected to be completed in the next 60 days.
David Shaffer, president and CEO of EnerSys, said in the news release that the acquisition of the Alpha group of companies will allow them to expand into new markets and increase exposure in its existing industries.
“This transaction will significantly strengthen EnerSys’ competitive position, both in the current market as well as over the long term,” Shaffer said in the news release.
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Messages left for officials at both Alpha and EnerSys on Wednesday were not immediately returned.
Alpha was founded in 1976 by Fred Kaiser, who is currently the chairman of the privately-held company. While it has offices in eight countries, it’s headquartered in Bellingham, near the Bellingham International Airport. Over the years it has branched out into a wide range of industries using clean, reliable power, including solar and wind. Some of the industries it provides energy products for include broadband, telecom and traffic.
The company employed 331 people in Bellingham in 2017, according to a list of top Whatcom County employers put together by the Center of Economic and Business Research at Western Washington University. Worldwide, the company has more than 2,000 employees and more than $500 million in annual sales, according to Alpha’s website.
According to an article in The Wall Street Journal, the transaction for EnerSys is an effort to shift out of older technologies. The article stated that “about 46 percent of the company’s $2.58 billion in revenue during its fiscal year that ended in March came from sales of batteries for forklifts.”