Acquisition(s)
March 19 2004 - 2:01AM
UK Regulatory
Embargoed: 0700hrs 19 March 2004
Croma Group Plc
(the "Group")
Acquisition
Croma Group plc is pleased to announce that Croma Defence Systems Limited
("Croma"), a wholly owned subsidiary of the Group has acquired the brand and
business of Shawley, manufacturers of surveillance and monitoring equipment.
Shawley has an order book in excess of �200,000 in addition to its stock,
currently valued at �120,000. Croma has acquired the business for a nominal
consideration. Shawley will operate as an integral part of Croma Defence
Systems Limited, which designs and develops a range of overt and covert
surveillance and defence related equipment and represents a number of
leading-edge products produced by other manufacturers. The customer base of
Croma consists of police, military and government agencies. The Shawley
products are complimentary to Croma's current activities as well increasing
Croma's access to a broader client base.
It is intended that the Shawley operation be relocated during the next two
months, together with support staff, to Croma's plant in Rotherwas, Hereford.
John French, Chairman and Chief Executive of Croma Group plc, said,
"We are very pleased to include the Shawley products in our range as they are
complimentary to our existing product offer and can be supported, not only by
the existing Shawley service personnel, but by the sales and marketing team at
our Hereford operation. We expect Shawley to make a positive financial
contribution to Croma Defence Systems in the current year.
Following our move from OFEX to AIM in December 2003 and the related
fundraising the Group is concentrating on seeking significant acquisition
opportunities to increase its presence within the counter intelligence and
defence market."
-Ends-
For further information, please contact,
John French
Chairman and Chief Executive, Tel. 07836 722482
Chris Roberts / Ben Simons
Hansard Communications, Tel. 020 7245 1100
END
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