Acquisition

26 Jun 2007 07:02

Tricorn Group PLC26 June 2007 Tricorn Group plc ("Tricorn" or the "Company") - Acquisition of Maxpower Automotive Limited 26 June 2007 Tricorn Group plc has today exchanged contracts to acquire Maxpower AutomotiveLimited via the purchase of the entire share capital of that company. Maxpower supply the off-highway and automotive industries with a specialisedrange of pipe assemblies and fittings. The latest audited accounts for Maxpower for the year ended 31 March 2006declare a profit before tax of £69,733. Gross assets of Maxpower at 31 March 2006, were £2,804,166. Net assets ofMaxpower at 31 March 2006 were £428,241. The gross consideration is £1,550,000. Tricorn's CEO Steven Cooper commented " Maxpower is a specialist tubularcomponents manufacturer focussed on the off-highway and niche automotivesectors. Whilst the company majors on steel tube manipulation ,similar to MTC,they have also developed a market for plastic tube forming. Of particular noteis a unique plastic/steel hybrid product they have developed for hightemperature environments where weight is at a premium. Our intention is to employ the same techniques involved in dramaticallyimproving MTC's financial performance at Maxpower. " Contact: Steven Cooper+44 (0) 1684 569956www.tricorn.uk.com This information is provided by RNS The company news service from the London Stock Exchange