Tri-City Electric acquired Ebeam Technologies business from Comet Group.

The Comet Group is completing the realignment of its ebeam business, announced in July 2018, sooner than expected by selling the activities of the US site in Davenport. The new company will operate under the name of „PCT Ebeam and Integration, LLC", and be an affiliate of the renowned Tri-City Electric Co. in Davenport. Comet’s ebeam components and modules division, ebeam Technologies, will thus start the next fiscal year with a new, focused business model, a leaner cost base and lower risks and can concentrate on the ebeam module business. Financial terms were not disclosed. With the transfer of the systems business to a new owner, Comet completes its refocusing with a solution that is beneficial to all stakeholders. The new owner, headquartered in Davenport, Iowa, USA, sees the ebeam technology as an opportunity for further diversification. The buyer is taking over the operational business, the great majority of the employees, as well as obligations to customers. Comet retains access to key know-how and the unrestricted right to use the divested intellectual property, under a cooperation agreement. The sale enables Comet to complete the exit from the systems business more quickly than originally planned and is also expected to slightly ease the impact on net income in 2018 compared to a closure. For 2019, Comet expects the continuing ebeam modules and components business to generate sales of about CHF15M, with a reduced EBITDA loss of approximately CHF5m.