Avon Rubber acquires Hudstar Systems for $5m

Engineering group Avon Rubber has completed the acquisition of electronic control systems manufacturer Hudstar Systems for $5.1m.The London-listed company said the deal was funded by existing cash resources, adding it expected the acquisition to be "modestly" earnings enhancing to its next full financial year.The acquisition "will, in addition to providing short term cost savings, provide longer term product development opportunities in this key technology area", said group chief executive Peter Slabbert.Avon Rubber shares were down 0.12% to 845.00p at 11:14 on Monday.