4th Mar 2021 13:52
AB Dynamics PLC - Wiltshire, England-based simulation and testing systems provider - Completes acquisition of Vadotech Pte Ltd and Zynit Pte Ltd, collectively known as Vadotech Group, for total cash of up to EUR26.0 million. Notes Singapore-headquartered Vadotech is a supplier of automotive testing services in the Asia Pacific. Says EUR26.0 million total consists of two further conditional cash payments of up to EUR3.0 million and EUR6.0 million subject to Vadotech meeting performance criteria for the year ended December 31, 2020 and the year ending December 31, 2021. Adds AB Dynamics will invest GBP1.0 million in the integration to establish a strong regional hub for the wider business.
"The acquisition of Vadotech Group supports the group's strategic initiatives by broadening the scope of the group's product and services offering, further expanding our reach into new strategically important territories and increasing the range of testing services, which in turn increases visibility of future revenue," says Chief Executive James Routh.
Current stock price: 2,000.00, up 5.8% on Thursday
Year-to-date change: down 5.2%
By Zoe Wickens; [email protected]
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