Renold PLC - Derby, England-based supplier of industrial chains and power transmission products - Acquires Valencia-based manufacturer and distributor of conveyor chain and ancillary products Industrias YUK SA for EUR24 million in cash.
Acquisition is expected to increase the group's access to the Iberian chain market, as well as expand the sales of Renold's existing range of premium European TRC products.
Acquisition is expected to be immediately enhancing to earnings.
"We are delighted that YUK is to join the Renold Group and that not only are we buying an excellent business, but also retaining the services of a very talented group of managers and employees. The acquisition of YUK considerably expands and strengthens our European Conveyor Chain offering, while also allowing us to grow within the Iberian market," said Chief Executive Robert Purcell.
Current stock price: 25.00 pence
12-month change: up 22%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Renold (RNO)