LONDON (Alliance News) - XP Power said Thursday that it has bought US power supplies manufacturer Glassman High Voltage Inc for USD44.5 million in cash.
The transaction, which is scheduled to complete in May, is expected to enhance 2018 earnings of XP Power.
Under the deal, the power control solutions developer will also purchase all Glassman's small European sales business. In 2017, Glassman reported pretax profit of USD2.9 million.
"Glassman fits directly with our strategy of growing our high power and high voltage capabilities to complete our product offering and expand our addresseable market," XP Chief Executive Duncan Penny said.
Shares in XP Power were trading 3.2% higher at 3,592.00 pence in afternoon trade.
Xp Power (XPP)