15th Oct 2013 07:58
LONDON (Alliance News) - Specialist manufacturer of optical components Gooch & Housego PLC Tuesday said it has acquired precision optical-components manufacturer Spanoptic Limited for GBP5.9 million in cash.
Spanoptic, based in Scotland, is a long-term supplier to Gooch, and the firm said it accounted for approximately 1.5% of Spanoptic's revenue in the year to December 2012.
Spanotic had revenues of GBP7.7 million and made a pretax profit of GBP1.0 million in the year ended December 31, 2012.
Spanoptic, which will continue to operate from its Glenrothes factory, had net assets of GBP5.5 million at acquisition, including net cash of GBP0.7 million.
The gross cash consideration paid by Gooch, including the net cash held by Spanoptic, was GBP6.6 million, funded from existing cash and debt facilities.
Spanoptic is well-known to the Gooch management team and has been the subject of regular quality and process audits in recent years, Gooch said.
Gooch shares were quoted at 578.20 pence, up 6.70p or 1.2%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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