OM Group Inc., a producer of specialty chemicals and advanced materials, is acquiring EaglePicher Technologies LLC, a manufacturer of batteries and battery management systems for the defense, aerospace, and medical industries, from parent company EaglePicher Corp. The acquisition, announced in December, is expected to close in Q1 2010, following regulatory approval, for approximately $179 million plus the assumption of a number of pensions and other obligations.

At first glance, the acquisition of EaglePicher Technologies would appear to be just another play for a piece of the portable power market, which analysts (along with common sense) say is poised for explosive growth. However, the timing of the announcement, coming immediately before the holiday season, seemed designed to limit scrutiny. It also seems odd that with the sale of EaglePicher Technologies, EaglePicher Corp. is ceding a subsidiary that serves a rapidly expanding market sector.

Stranger still is a quote by David Treadwell, president and CEO of EaglePicher Corp., from the acquisition announcement in which he states, “This acquisition gives EaglePicher Technologies the opportunity to broaden its reach in the aerospace, defense, and medical industries, as well as expand into emerging markets.” That may be true, but shouldn’t Treadwell, as CEO, have announced how the sale will positively impact EaglePicher Corp. and not the subsidiary the company just sold?