Maxwell Technologies Completes Sale of its High Voltage Product Line to Renaissance Investment Foundation for $55.1 Million Plus Up to $15 Million in Future Pay-outs
MAXWELL TECHNOLOGIES (MXWL)
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Source: PR Newswire
SAN DIEGO and LAUSANNE, Switzerland, Dec. 19, 2018 /PRNewswire/ -- Maxwell Technologies, Inc. (NASDAQ: MXWL), a leading developer and manufacturer of energy storage and power delivery technology, today announced it has simultaneously signed and closed a definitive agreement to sell its High Voltage (HV) product line to Renaissance Investment Foundation. Under terms of the agreement, Maxwell sold all shares of its Swiss subsidiary, Maxwell Technologies SA, and its CONDIS® line of high voltage capacitors for $55.1 million in cash and up to $15 million in potential future milestone payments to a special purpose holding entity and affiliate of Renaissance Investment Foundation ("Renaissance"). During the nine-month period ended September 30, 2018, its high voltage product line generated revenue of approximately $19.4 million for Maxwell, approximately 21% of the total revenue reported."This action was taken to put the necessary resources in place so Maxwell can better focus on and pursue
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