12th Feb 2016 09:54
LONDON (Alliance News) - Acal PLC, which supplies customised electronics to industry, on Friday said it has acquired Plitron Manufacturing Inc, a Canadian designer and manufacturer of custom toroidal transformers for transportation, medical and industrial applications.
"With a well-established track record of supplying high quality, custom-engineered magnetic products in North America, the business will further develop the group's international capabilities and is expected to generate new cross-selling opportunities. Plitron will operate within Acal's Design & Manufacturing division whilst retaining its distinct brand identity," Acal said.
Plitron was acquired for CAD4.0 million on a debt-free, cash-free basis. It reported sales for the year ended May 31, 2015 of CAD8.2 million and gross assets of CAD3.2 million. The acquisition was funded from Acal's existing debt.
In an update for the four months to January 31, Acal said it performed in line with its expectations in the period.
Shares in Acal were up 2.1% at 254.75 pence on Friday morning.
By Samuel Agini; [email protected]; @samuelagini
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