LONDON (Alliance News) - Industrial fastenings group Trifast PLC said Thursday that it has agreed to buy industrial distributor Kuhlmann Befestigungselemente GmbH & Co KG Germany for a total of EUR8.5 million.
It will pay an initial EUR6.76 million in cash, plus EUR40,000 through the allotment of 29,350 shares in the company. A deferred consideration of EUR1.7 million will serve as a retention against which any potential warranty and indemnity claims will be offset.
Trifast said the acquisition will further develop opportunities in the German market, and it expects it to add to earnings in its first full year of ownership.
In 2014 Kuhlmann reported a pretax profit of EUR1.7 million on revenue of EUR6.7 million.
Shares in Trifast were up 3.2% at 112.00 pence Thursday.
By Hana Stewart-Smith; firstname.lastname@example.org; @HanaSSAllNews
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