Acquisition
July 09 2001 - 3:00AM
UK Regulatory
RNS Number:5444G
Deltron Electronics PLC
9 July 2001
FOR IMMEDIATE RELEASE 9 July 2001
DELTRON ELECTRONICS PLC
Acquisition of C&K Components SPA and Euroind Srl for #5.8 million
Deltron Electronics plc ("Deltron"), the specialist European distributor of
electromechanical components and solutions, announces that it has acquired C&K
Components SPA and Euroind SRL ("C&K Italy"), two Milan-based businesses owned
by the Romano family, for a maximum consideration of #5.8 million. This
follows the #6.8 million acquisition of Hawnt Electronics Limited in the UK on
27 June, 2001.
Established for over 25 years, C&K Italy is a leading electromechanical
components distributor specialising in switches, connectors and sensors, and
supplies approximately 1,300 customers throughout Italy.
Deltron has acquired the entire share capital of C&K Italy for a maximum cash
consideration of #5.8 million, of which up to #3.6 million is payable on
completion and up to #2.2 million is payable in June 2004, subject to
performance. C&K Italy has an annual turnover of #6.7 million. Net assets
are expected to be up to #1.9 million on completion and not less than #1.7
million. The profit before tax of the Group was #790,000 for the year ended
31 December, 2000.
Deltron is now active in over 80% of the applicable European markets, making
the Company the fourth largest distributor of electromechanical components in
the EU. This acquisition represents another important step in Deltron's
stated aim of doubling the size of the Group over the next eighteen months.
Commenting on the acquisition, Christopher Sawyer, Chief Executive of Deltron,
said:
"The management of C&K Italy have been known to Deltron for many years and
will remain at the helm to spearhead Deltron's planned development throughout
Italy. This acquisition will provide us with an immediate foothold in a vital
part of Europe's electronics industry and also complements Deltron's strategy
of becoming the European market leader for the international electromechanical
market."
For further information, please contact:
Deltron Electronics plc 01638 561156
Christopher Sawyer, CEO
Edward Tozer, Finance Director
Buchanan Communications 020 7466 5000
Tim Anderson/Bobbie Swanson
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