Maxwell Technologies Complete Acquisition of Montena Components

7/9/2002 - Maxwell Technologies, Inc. (Nasdaq: MXWL) announced today that it has completed its acquisition of Montena Components, Ltd., a privately held Swiss manufacturer and marketer of ultracapacitors, high-voltage capacitors and high-speed capacitor and battery winding equipment, for 2.55 million shares of Maxwell common stock.

Carl Eibl, Maxwell’s chief executive officer, said that the acquisition of Montena Components enhances Maxwell’s ultracapacitor product development and production capabilities and gives the combined company a strong foothold in the European rail, industrial and automotive markets.

“By the end of this year, ultracapacitors will be a proven, standard option for production energy storage systems for the consumer electronics, industrial and transportation markets,” Eibl said. “The timing of this combination is critical because the first round of ultracapacitor market share will be determined by the end of next year, and Maxwell is now the market leader in both Europe and North America. We will also need to expand our presence in Asia, and we are considering several options to do that.”

Jose Cortes, chairman of Montena SA, which agreed in June to sell Montena Components to Maxwell, said that both companies’ original equipment manufacturer customers’ requirements for multi-location production and local sourcing and support were a major factor in the decision to combine.

“The opportunity for ultracapacitors is global, and this combination positions Maxwell to compete and win globally,” Cortes said. “The two companies’ products, capabilities and customer bases are highly complementary, so the whole created by this merger clearly is greater than the sum of the parts.”

Montena Components’ headquarters and principal production facility is located in Rossens, Switzerland, near major automotive and industrial development and manufacturing centers in Germany, France and Italy.

Eibl said that, for its fiscal year ended June 30, 2002, Montena Components generated approximately $23 million in revenue from continuing operations, with 15 percent operating income and positive cash flow. He said that complete financial data for Montena Components will be reported in September as part of a Form 8-K filing with the Securities and Exchange Commission.

To accommodate the transaction, which makes Montena SA’s ownership group Maxwell’s largest shareholder, with approximately 18 percent of the company’s outstanding common shares, Maxwell increased the “trigger” threshold of its “poison pill” shareowner rights plan from 15 percent to 20 percent.

Maxwell Technologies applies industry-leading capabilities in power and computing to develop and market electronic components and power and computing systems for customers in multiple industries, including transportation, telecommunications, consumer and industrial electronics, medical and aerospace. Maxwell designs, develops and manufactures a family of large and small cell ultracapacitors that store from 5 to 2,700 farads of electrical energy for applications in power quality assurance, wireless communications, transportation, industrial automation, medical, automatic meter reading and consumer electronics..

Michael Sund
Maxwell Technologies
(858) 503-5171

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