Last checked at 7 Aug 2023 07:00
07 August 2023
Volex plc
("Volex", or the "Group")
Receipt of Competition Clearance for Murat Ticaret
Volex plc (AIM: VLX), the specialist integrated manufacturer of critical power and data transmission products, announces that, following receipt of competition authority clearances in both Turkey and Macedonia, all conditions for the acquisition of Murat Ticaret Kablo Sanayi A.Ş. ("Murat Ticaret") have been satisfied.
Completion of the acquisition of Murat Ticaret is now expected to take place at the end of August.
Nat Rothschild, Executive Chairman of Volex, said:
"We are pleased to have received the clearances from the Turkish and Macedonian competition authorities. 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."
For further information please contact:
Volex plc Nat Rothschild, Executive Chairman Jon Boaden, Chief Financial Officer | +44 (0)7971 156 431 investor.relations@volex.com |
Peel Hunt LLP - Nominated Adviser & Joint Broker Ed Allsopp Tom Ballard Ben Harrington | +44 (0)20 7418 8900
|
HSBC Bank plc - Joint Broker Simon Alexander Joe Weaving | +44 (0)20 7991 8888 |
Powerscourt - Media Enquiries James White Nicholas Johnson | +44 (0)20 7250 1446 |
About Volex
Volex 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 19 manufacturing locations with a global workforce of over 8,000 people 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-