5th Oct 2022 09:58
(Alliance News) - Hill & Smith Holdings PLC on Wednesday said it completed the acquisition of the business and assets of National Signal Inc, for USD25.3 million in cash.
National Signal designs, manufactures and supplies off-grid solar lighting solutions for the US market.
For financial 2022, National Signal reported revenue of USD27.3 million and adjusted earnings before interest, tax, depreciation and amortisation of USD2.3 million.
The Solihull, England-based infrastructure company also completed the buy of Widnes Galvanising Ltd for GBP3.7 million in cash, to expand its presence in the northwest of the UK.
The firm said trading has been robust since June 30, with current foreign exchange rates "providing potential outperformance".
Executive Chair Alan Giddins said: "Following our investment in Prolectric Services, Hill & Smith has gained significant experience in off-grid solar lighting and energy solutions, and the acquisition of National Signal will further accelerate our strategy in this highly attractive market.
"The acquisition of Widnes Galvanizing is aligned to our UK galvanizing growth strategy and complements our existing geographic footprint by enhancing our presence in the northwest of the UK."
Shares were up 3.0% at 1,000.00 pence each on Wednesday morning in London.
By Xindi Wei; [email protected]
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