(Alliance News) - Diploma PLC on Wednesday announced the proposed acquisition of Peerless Aerospace Fastener LLC for around GBP236 million.
Shares in Diploma rose 11% to 3,806.55 pence each in London on Wednesday morning.
The London-based supplier of specialised technical products and services said it expects the transaction to complete in the next few weeks, following customary regulatory clearances.
Peerless Aerospace Fastener is a Farmingdale, New York-based distributor of specialty fasteners into the US and European aerospace markets,
Diploma Chief Executive Officer Johnny Thomson commented: "Peerless is an excellent acquisition for Diploma, aligned to our strategy of building high quality, scalable businesses for sustainable organic growth...We know and like the aerospace fasteners market and Peerless significantly extends our US capabilities and adds scale in Europe."
By Sabrina Penty, Alliance News reporter
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Diploma (DPLM)