Glassman, based in New Jersey, USA, supplies the industrial, healthcare and semiconductor sectors with a range of standard, modified and custom high voltage, high power conversion products, which are generally used in applications involved in the ionization and acceleration of particles.
Rationale
XP Power completed the acquisition of Glassman High Voltage in May 2018. Glassman has been designing and manufacturing high voltage, high power products for more than 40 years.
Glassman's products and engineering capabilities enhances the Group's ability to implement its strategy of winning a greater share of business from its core customers by achieving wider vertical penetration of key accounts. In addition to expanding our capabilities in our core customers the Glassman products will also bring a number of new customers to the Group including new technologies in research laboratories and universities.
The below chart shows the wide product gap that the Glassman acquisition fills. XP estimates this market to be approximately US$500 million in market size. Together with our other recent acquisitions, Glassman's market leading product range coupled with XP's sales organisation, present an exciting opportunity to capture market share.
Link to strategic objectives:
- Acquire businesses to expand our offering
- Vertical penetration of our focus accounts
- Develop a broad range of competitive products
Strategy in action – product portfolio
The addition of Emco, Comdel and Glassman increases XP's product portfolio significantly
- XP organic product development focused on "fill in products" within the core portfolio
- Started by building presence in Higher Power/ High Voltage through XP HV
- The acquisition of Comdel allowed access to high power RF
- The acquisition of Glassman HV allowed access to High Power/High Voltage