17th Oct 2018 12:16
LONDON (Alliance News) - Customised electronics supplier discoverIE Group PLC on Wednesday said it acquired Cursor Controls Group for GBP19.0 million via the purchase of its holding company Castlegate 737 Ltd.
The company said it will pay an additional GBP4.0 million, subject to Cursor Controls achieving certain profit growth targets during the three year period to the end of 2021.
Cursor Controls designs and manufactures human to machine interface products for medical, industrial and transportation applications.
For the year to the end of 2017, Cursor Controls generated revenue of GBP7.9 million and pretax profit of GBP300,000.
"The acquisition of Cursor Controls continues our strategy of building a differentiated, international, growth focused electronics group with higher operating margins," said discoverIE Chief Executive Nick Jefferies.
"Cursor Controls has a well-established track record of supplying high quality trackballs, trackpads and rugged keyboards internationally and into growth markets," continued Jefferies. "They will gain access to our wider base of customers and with it, new sales opportunities."
discoverIE shares were trading flat on Wednesday midday at 380.00 pence each.
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