The deal includes the European sales business, based in Hampshire and follows the death in March of Sanford Glassman, 95, the company's founder and major shareholder. The current President, his widow Karolee Glassman, is leaving the company but John Belden, General Manager, will continue to run Glassman within XP Power. Glassman Europe currently also represents Ross Engineering, Caton Connector and Lumina Power.
The deal is the third in recent years for XP and follows the $23m acquisition of RF power specilaissit Comdel last October and EMCO High Voltage in 2015. "Glassman fits directly with our strategy of growing our high power and high voltage capabilities to complete our product offering and expand our addressable market," said . This is our third such acquisition in just over two years and means we can now offer a full suite of products from miniaturized low power modules to high power rack mount high voltage solutions. We are confident that Glassman will have a successful future as part of XP Power."
The New Jersey company supplies standard, modified and custom high voltage, high power conversion products for ionization and acceleration of particles, such as semiconductor manufacturing equipment, vacuum/plasma processing, analytical instrumentation, medical diagnostics and test equipment. Last year it booked sales of $17.3m (£12.4m).
Glassman and XP Power share several customers, and while there is no direct overlap in product lines, the power supply solutions of the two companies are highly complementary. Glassman’s products and engineering capabilities will enhance the Group's ability to implement its strategy of winning a greater share of business from its largest customers by achieving wider vertical penetration of key accounts. As well as a product offering suitable for an array of applications used by some of XP Power's existing customer base, Glassman will also bring a number of new customers to the Group.