Dorman® Products, Inc. Announces Acquisition of Re-Involt Technologies and Launch of New OE Solutions™ Hybrid Drive Battery Program
COLMAR, PA (PRWEB) October 01, 2013 -- Dorman Products, Inc. is pleased to announce the recent acquisition of Re-Involt Technologies and the subsequent introduction of its new line of Dorman® OE Solutions™ remanufactured Hybrid Drive Batteries. This acquisition and its resulting offering of direct replacement batteries positions Aftermarket Service Providers to capture their share of this rapidly growing market opportunity.
Based in Sanford, NC, Re-Involt Technologies is the Aftermarket leader in hybrid battery remanufacturing technology. With the acquisition of Re-Involt, Dorman is now positioned to refine the process of remanufacturing hybrid drive batteries while working towards the development and introduction of new hybrid products to the Aftermarket.
Over a decade ago, the first hybrids began selling in the United States. Today, the original dealer warranties on those vehicles are expiring. Similar to conventional batteries, hybrid drive batteries fail over time when they are no longer able to maintain a charge. The dramatic growth of the hybrid category, coupled with the 100% replacement rate associated with hybrid batteries has created substantial consumer demand for these units. Prior to Dorman’s introduction of its new hybrid battery program, consumers were faced with few sourcing options; typically limited to the OE Dealer and smaller niche rebuilders. Today’s announcement from Dorman provides hybrid vehicle drivers with a better choice in battery replacement and enables them to seek automotive service for their hybrid vehicle from their preferred Aftermarket parts provider.
“We are enthusiastic about the acquisition of Re-Involt and this new category launch and excited by the potential that hybrid replacement parts offer Dorman and its customers,” said Steven Berman, Dorman’s Chairman and CEO. “The launch of hybrid batteries is the latest example of Dorman’s innovative approach to product development,” Mr. Berman states, “and we now have the right mix of people and infrastructure in place to support emerging technology like hybrid battery systems.” Mr. Berman goes on to explain that “our new program leverages our customers’ ability to quickly deliver replacement hybrid drive batteries to Service Technicians, giving all levels of the Aftermarket an opportunity to grow with this new program.”
Dorman’s new hybrid drive battery program provides broad coverage for the most popular hybrid vehicles on the road today. Additionally, Dorman’s offering of hybrid drive batteries save Service Technicians time and owners of hybrid vehicles money. Unlike OE replacements, Dorman batteries arrive as a ‘plug and play’ direct replacement; ready to install and requiring no programming time (or expensive programming tools). Finally, Dorman establishes even greater benefit for customers by re-engineering its Hybrid Drive Batteries with upgraded materials, where possible. To reduce corrosion for example, Dorman’s replacement batteries for Toyota applications feature nickel plated bus bars rather than the copper bus bars found on the original battery pack that is typically seen as a common cause of failure.
All Dorman OE Solutions hybrid drive battery packs are completely remanufactured. This process requires that each battery unit (and each individual battery cell) be thoroughly tested to confirm optimal battery pack performance. Through extensive charging and testing utilizing proprietary systems, Dorman ensures that its replacement battery pack will restore the vehicle’s electrical system to ‘like new’ operating functionality. Finally, all Dorman hybrid drive batteries arrive backed by a limited three year warranty.
The acquisition of Re-Involt Technologies will not contribute significantly to revenue and will have no material impact to earnings in 2013.
For additional information on the Dorman OE Solutions hybrid drive battery program, including a program overview video, vehicle-specific installation videos, and warranty information, visit http://www.DormanHybrid.com. Complete information on all of Dorman’s products is always available on http://www.DormanProducts.com.
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date hereof. Factors that could cause actual results to differ materially include, but are not limited to, those factors discussed in Dorman’s Annual Report on Form 10-K for period ended December 29, 2012, under Item 1A - Risk Factors. The Company is under no obligation to (and expressly disclaims any such obligation to) update any of the information in this press release if any forward-looking statement later turns out to be inaccurate whether as a result of new information, future events or otherwise. Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date hereof. Factors that could cause actual results to differ materially include, but are not limited to, those factors discussed in Dorman’s Annual Report on Form 10-K for period ended December 29, 2012, under Item 1A - Risk Factors. The Company is under no obligation to (and expressly disclaims any such obligation to) update any of the information in this press release if any forward-looking statement later turns out to be inaccurate whether as a result of new information, future events or otherwise.
Noam Chasan, Director of Marketing – Dorman Products, Inc., Dorman Products, Inc., http://www.dormanhybrid.com, +1 215-712-5391, [email protected]
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