Tropical Battery Acquires California-Based Rose Batteries
- Tropical Battery Company Limited acquired Rose Electronics Distributing Company (Rose Batteries), based in San Jose, California (Silicon Valley). Founded in 1963, Rose Batteries is a manufacturer of specialized batteries for high value industries requiring critical power, including healthcare, robotics, aerospace, and telecommunications.
- The acquisition of Rose Batteries represents a significant milestone in Tropical Battery’s strategy of diversification into new complementary product lines, market segments, and geographies, and reaffirms the company’s commitment to technological innovation and growth in the global energy market.
- The acquisition was completed through Tropical’s US subsidiary - Tropical Battery USA LLC. “This acquisition reaffirms our commitment to transforming Tropical Battery into a multinational organization at the vanguard of innovative growth in emerging segments driving the transition to more sustainable energy solutions,” commented Tropical Battery Managing Director Alexander Melville.
- Listed on the Jamaica Stock Exchange in 2020, Tropical Battery has diversified beyond its core car battery business into automotive care products, renewable energy, and electric mobility as part of its transformation into a diversified energy group enabling sustainability with innovation, technology and exceptional service delivery.
- Tropical Battery’s stock price has appreciated by 24.6% since the start of the year and currently trades at a P/E of 17.11x earnings, which is above the junior market distribution sector average of 16.60x earnings.
(Sources: JSE & NCBCM Research)