Ballard Completes Acquisition of Carbon Products Division of Textron Systems.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--May 25, 2001 Ballard Power Systems Ballard Power Systems (TSX: BLD, NASDAQ: BLDP), located in Burnaby, British Columbia -- a suburb of Vancouver -- is a company that designs, develops, and manufactures zero emission proton-exchange-membrane fuel cells. Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BLDP) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BLD.) announced today that it has closed its previously announced acquisition of the carbon products business unit of Textron Systems of Wilmington, Massachusetts for US$12.8-million. The acquisition closed on May 25, 2001. The acquired business unit, now known as Ballard Material Products, Inc., is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Ballard Power Systems. This business unit develops and manufactures a variety of carbon materials for automotive and fuel cell applications, including a gas diffusion layer (GDL) for use in proton exchange membrane A proton exchange membrane (PEM) is a semipermeable membrane generally made from ionomers and designed to conduct protons while being impermeable to gases such as oxygen or hydrogen. (PEM) fuel cells. A GDL allows the even diffusion of gases against the membrane at the heart of a PEM fuel cell. A GDL must have good electrical conductivity and be suited to volume manufacturing techniques. Ballard Power Systems is recognized as the world leader in developing, manufacturing and marketing zero-emission proton exchange membrane fuel cells for use in transportation, electricity generation and portable power products. Ballard Power Systems' proprietary fuel cell technology is enabling automobile, electrical equipment and portable power product manufacturers to develop environmentally clean products for sale. The fundamental component of these end-user products is the BALLARD(R) fuel cell that combines hydrogen (which can be obtained from methanol, natural gas, petroleum or renewable sources) and oxygen (from air) without combustion to generate electricity. Ballard is partnering with strong, world-leading companies, including DaimlerChrysler, Ford, GPU, ALSTOM and EBARA, to commercialize BALLARD(R) fuel cells. Ballard has also supplied fuel cells to Honda, Nissan, Volkswagen, Yamaha, Cinergy, Coleman Powermate and Matsushita Electric Works Matshushita Electric Works (MEW), Ltd. can trace its beginnings to a company that was founded in 1918 by Konosuke Matsushita. Matshushita began making the flashlight components for bicyles, then progressed to making lighting fixtures. , among others. Ballard's Common shares are listed on The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the trading symbol "BLD" and on the Nasdaq National Market System under the symbol "BLDP". Ballard and the Ballard logo are registered trademarks of Ballard Power Systems Inc. |
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