Last checked at 4 Jan 2022 07:00
4 January 2022
Volex plc("Volex" or the "Company")
Completion of Acquisitions - Prodamex and TC
Volex plc (AIM:VLX), the global supplier of integrated manufacturing services and power products, today announces the completion of the Prodamex SA de CV ("Prodamex") and Terminal & Cable TC Inc. ("TC") acquisitions following receipt of requisite regulatory approvals. Prodamex and TC have been acquired for a total cash consideration of CAD$22.5 million (USD$17.8 million) funded from the Company's existing debt facilities.
Prodamex operates from an advanced manufacturing facility serving customers in Mexico, USA and Canada. It brings to Volex additional higher volume manufacturing capability in Central Mexico, complementing the existing manufacturing plants in Tijuana and Juarez, providing customers with additional sourcing flexibility and production capacity.
TC's facility in Quebec, Canada provides Volex with ruggedised wire harness manufacturing capabilities focusing on the attractive "off-highway" market sector, supporting defence, industrial, agricultural and construction machinery customers.
Commenting on the acquisitions, Nat Rothschild, Executive Chairman of Volex said:
"The completion of the Prodamex and TC acquisitions increases our geographic coverage and technical capabilities in the key North American market. TC provides further expansion into defence markets following our recent acquisition of Irvine Electronics while Prodamex complements our strong, global proposition for domestic appliance manufacturers, giving us added scale and reach. The acquisitions support our strategy of developing Volex's presence in attractive sectors where we can leverage our expertise and global reach to achieve profitable growth."
For further information please contact:
Volex plc +44 (0) 7971 156 431Nat Rothschild, Executive ChairmanJon Boaden, Chief Financial OfficerChristian Bedford, Group General Counsel and Company Secretary
Singer Capital Markets - Nominated Adviser & Joint Broker +44 (0)20 7496 3000Shaun DobsonGeorge Tzimas
HSBC Bank plc - Joint Broker +44 (0)20 7991 8888Simon Alexander Joe Weaving
Powerscourt - Media Enquiries +44 (0)20 7250 1446James White Ollie Head
About VolexVolex plc (AIM:VLX) is a global leader in integrated manufacturing for performance-critical applications and a supplier of power products. We serve a diverse range of markets and customers, with particular expertise in cable assemblies, higher-level assemblies, data centre power and connectivity, electric vehicles, and consumer electricals. We are headquartered in the UK and operate from 20 manufacturing locations with a global workforce of over 6,900 employees across 22 countries. Our products are sold through our own locally based sales teams and through authorised distributor partners to Original Equipment Manufacturers ('OEMs') and Electronic Manufacturing Services ('EMS') companies worldwide. All of the products and services that we offer are integral to the increasingly complex digital world in which we live, providing power and connectivity from the most common household items to the most complex medical equipment. For more information, please visit www.volex.com
ENDS