Volex PLC - Basingstoke, England-based electronic components maker - Following receipt of competition authority clearances in both Turkey and Macedonia, says all conditions of its acquisition of Murat Ticaret Kablo Sanayi AS have been satisfied. Expects the deal to complete at the end of the month.
Executive Chair Nat Rothschild says: "Murat Ticaret is a transformational acquisition which further diversifies the group, providing significant exposure to a new, global off-highway manufacturing end market, and will accelerate the progress against our five-year plan. Since announcing the transaction in June, we have been developing our integration plans, and working closely with local management to explore how collaboratively, a combination of these two businesses will benefit our customers, and generate significant value for our shareholders. We are also delighted with the positive engagements we have had with Murat Ticaret's major customers, and excited by the opportunities emerging to grow these relationships through Volex's global footprint and advanced manufacturing capabilities."
Current stock price: 298.42 pence, up 1.3%
12-month change: down 5.4%
By Greg Rosenvinge, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Volex (VLX)