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discoverIE Group PLC - Surrey-based maker of customised electronic - Buys Northamptonshire-based designer & manufacturer of customised plastic enclosures CDT Group for USD5.0 million on a debt free, cash free basis. discoverIE says the acquisition will be "immediately enhancing to group underlying earnings". CDT has reported revenue of GBP2.9 million for year ended on December 21, with an underlying operating margin of 28% and and underlying operating profit of GBP800,000.
discoverIE Group Chief Executive Nick Jefferies says: "The acquisition of the CDT group continues our strategy of building a high quality, higher margin international group that designs and manufactures customised electronics. CDT will be integrated with our existing Contour business enabling more complex and integrated designs as well as providing CDT with access to our wider base of customers and with it, new sales opportunities."
Current stock price: 666.00 pence, up 6.1%
12-month change: down 33%
By Xindi Wei; xindiwei@alliancenews.com
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