25th Oct 2016 11:47
LONDON (Alliance News) - Agriculture and engineering company Carr's Group PLC said Tuesday it has acquired German business STABER GmbH for a cash consideration of EUR7.85 million.
Carr's said STABER is a family-owned engineering firm located near its own existing German operations in Markdorf, and has been a key supplier of parts for Carr's subsidiary Waelischmiller Enginerring GmbH.
Carr's said STABER will be fully integrated into Waelischmiller over the next 18 months and will provide technological growth in its remote handling business, along with specialised intellectual property in robotics. EUR2.0 million of the total consideration will be deferred to ensure the successful integration of the business and transfer of the IP, to be paid at the latest in June 2018.
The consideration is being paid from Carr's existing cash resources following its disposal of its Food division as announced in September.
"We are delighted to announce the acquisition of STABER. This family run business has been a key partner of Waelischmiller for over half a century and this acquisition is a seamless extension of this long standing relationship", said Tim Davies, Carr's chief executive.
Shares in Carr's were up 1.3% at 140.00 pence Tuesday.
By Adam Clark; [email protected]
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