23rd Oct 2018 09:04
LONDON (Alliance News) - Energy and medical components supplier Avingtrans PLC on Tuesday said it bought equipment manufacturer Tecmag Inc for USD243,000.
Tecmag is based in Houston, Texas and has 11 members of staff. It manufactures, tests and installs instrumentation, including full consoles, system upgrades, and solid-state probes.
Tecmag was founded by John Delayre, who will remain with the business in a consultancy capacity and will assist with the development of new products.
The move supports Avingtrans' expansion and strengthening of its Medical division.
Looking forward, the company said it intends to continue investments in the imaging sector, ultimately driving towards future profitable growth.
"Although relatively small, this is a strategically important acquisition," said Chief Executive Steve McQuillan.
"This transaction cements the foundations of the platform that Avingtrans is constructing, to create enhanced shareholder value by bringing together niche businesses whose individual capabilities can be enhanced by fusing them together to achieve critical mass," added McQuillan.
Avingtrans shares were down 1.1% on Tuesday at 220.00 pence each.
Related Shares:
Avingtrans