26th Feb 2007 07:03
Laird Group PLC26 February 2007 26 February 2007 LAIRD INCREASES PRODUCT FOOTPRINT IN ELECTRONIC DEVICES The Laird Group PLC ("Laird") announces today the acquisition of M2sys Co., Ltd,a privately held business, for a cash consideration of KRW 31.2 billion (£17.0million) on a debt free basis. M2sys designs and manufactures custom products based on proprietary and patentedtechnology, including pivots, slides and rotary action assemblies that enablemechanical actuation of leading-edge handheld devices while maintainingelectrical integrity and performance. M2sys is based in Bucheon, South Koreawhere the business employs 80 engineers and senior management. In the year ended 31 December 2006, M2sys reported revenues of KRW 12.6 billion(£6.9 million), an increase over the previous year of 164%, and operatingprofits of KRW 1.4 billion (£0.8 million). Based on awarded customer programmes, 2007 revenues are expected to be more thantreble the 2006 levels, requiring additional design, manufacturing and assemblyexpertise, production facilities and global logistic capabilities to satisfydemand. Laird Technologies will rapidly provide these resources and skills, inorder to meet customer schedules and accelerate M2sys' growth. M2sys will become part of Laird Technologies' substantial and growing handheldproducts business, with manufacturing expanded from its existing facility inSouth Korea into Laird Technologies' global high volume facilities. The additionof M2sys' proprietary technology to Laird Technologies' product portfolio willallow more complex integrated designs and convergence of functions andcomponents in future OEM electronic applications. Peter Hill, Chief Executive of Laird, commented: "Laird Technologies is seen increasingly as the supplier of choice forperformance critical functional components for the electronics market. Theacquisition of M2sys is in line with our strategy of working closely with ourOEM customers in their product development and allows us to increase further thecontent of our products within an electronic device. M2sys has exciting growthprospects that will be underpinned and accelerated through its integration intothe established global infrastructure of Laird Technologies." For enquiries: The Laird Group PLC Maitland Peter Hill, Chief Executive Brian Hudspith Jonathan Silver, Finance Director Charlotte Barker Tel: 020 7468 4040 Tel: 020 7379 5151 The Laird Group PLC: Laird is a leading global electronics and security systems group employing12,500 people in operations in North America, Europe and across Asia. Laird Technologies: Laird Technologies designs and supplies customised performance critical productsfor wireless and other advanced electronics applications. Laird Technologies is a global market leader in the design and supply ofelectromagnetic interference (EMI) shielding, thermal interface products, signalintegrity components, wireless antennae solutions, and has recently establisheda growing position in the design and supply of complete radio frequency ("RF")modules and systems. These performance critical products, co-designed inconjunction with customers, are essential in enabling and protecting thefunctionality of electronic devices and wireless applications. Custom products are supplied to all sectors of the electronics industry,including telecommunications, data transfer and information technology, as wellas to the automotive, aerospace and defence, consumer electronics, medical andindustrial markets. Laird Technologies' experience and expertise in managing the steep productionramp and complex logistics of major global programmes, will provide M2sys' OEMcustomers with the confidence that their new product launches will beaccomplished successfully. Laird Technologies' customers include global leaders in their respectivemarkets. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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