Last checked at 13 Jul 2011 09:08
13 July 2011 XP Power Limited ("XP Power" or "the Group") Acquisition of the 20% minority interest in XP Power Srl (Italy)
XP Power, one of the world's leading developers and manufacturers of critical power control components to the electronics industry, announces the acquisition of the outstanding 20% of the issued share capital of XP Power Srl, the Group's sales distribution company in Italy, for a maximum consideration of €225,000 (approximately £203,000) in cash. The transaction completed on 12 July 2011 and brings the Group's total holding in XP Power Srl to 100%.
For the year ended 31 December 2010, XP Power Srl made a profit after tax of € 195,000 (approximately £175,000) and had net assets of €311,000 (approximately £280,000). XP Power does not expect to make any fair value adjustments to the net assets acquired.
The Directors of XP Power believe that 100% ownership of XP Power Srl will allow more control over the sales operations in Italy which will, in turn, help drive the strategy of targeting key accounts with the Group's own-designed product portfolio.
- Ends - Enquiries:XP Power
Larry Tracey, Executive Chairman +44 (0)7785 387142
James Peters, Deputy Chairman +44 (0)7785 353066
Duncan Penny, Chief Executive +65 8322 9520
Citigate Dewe Rogerson +44 (0)20 7638 9571
Kevin Smith/Jos Bieneman
Note to editors
XP designs and manufactures power controllers, the essential hardware component in every piece of electrical equipment that converts the power from the electricity grid into the right form for the equipment to function.
XP typically designs in power control solutions into the end products of major blue chip OEMs, with a focus on the industrial (circa 50% of sales), healthcare (circa 30% sales) and technology (circa 20% of sales) sectors. Once designed into a program, XP has a revenue annuity over the life cycle of the customer's product which is typically 5 to 7 years depending on the industry sector.
XP has invested in research and development and its own manufacturing facility in China, to develop a range of tailored products based on its own intellectual property that provide its customers with significantly improved functionality and efficiency.
Headquartered in Singapore and listed on the Main Market of the London Stock Exchange since 2000, XP serves a global blue chip customer base from 27 locations in Europe, North America and Asia.
XLON