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(Alliance News) - Avon Rubber PLC said Tuesday that one of its main conditions for the acquisition of Team Wendy LLC has been satisfied, namely the termination of Team Wendy's registration under Part 122 of the International Traffic in Arms Regulations.
Shares in the Wiltshire-based protection equipment manufacturer were up 3.5% at 4,110.00 pence on Tuesday in London.
The ITAR is a set of US government regulations which control the export and import of a list of defence-related munitions and services. This can also include technical assistance agreements, which mean the transfer of knowledge on how to do something rather than the equipment itself.
On Wednesday last week, Avon Rubber had agreed to acquire Cleveland, Ohio-based helmets supplier Team Wendy, which supplies helmets and helmet liner retention systems for military and first responder markets, including the US Department of Defense, for USD130 million.
There are still other conditions that need to be satisfied before the acquisition can be completed.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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