Deltron Electronics - Acquisition from Bulgin PLC
May 17 1999 - 3:31AM
UK Regulatory
RNS No 2716r
DELTRON ELECTRONICS PLC
17 May 1999
Deltron Electronics plc
#1.3 million Acquisition of
Cirkit Distribution Business ("Cirkit") from Bulgin PLC
Deltron Electronics plc ("Deltron"), the international
specialist distributor and manufacturer of electronic
components, announces that it has acquired the trade and
assets of Cirkit Distribution Limited, a wholly owned
subsidiary of Bulgin PLC ("Bulgin"), for a consideration of
approximately #1.3 million. The acquisition has been completed
with effect from 30th April 1999. Cirkit distributes a range
of electromechanical, magnetic, passive and RF components
complementary to those offered by Deltron, including Bulgin
Components and Toko chokes and wound components.
The consideration has been satisfied by the issue to the
Vendors of 930,233 new Ordinary Shares of 5p each in Deltron
(which will be retained by Bulgin) together with #400,000 in
cash. For the year ended 31 January 1998, Cirkit had sales of
#6.1m, pre-tax loss of #35,000 and net assets of #544,552. A
restructuring of Cirkits operations has since been carried
out and annualised sales are now running at closer to #4.5m
and net assets on completion were approximately #1.2m,
excluding bank borrowings and intergroup indebtedness retained
by the Vendor.
Paul Gourmand, Chairman of Deltron Electronics plc,
commented "The acquisition of Cirkit represents a further
development in Deltrons European strategy and maintains the
Groups focus on electromechanical products. The acquisition
is expected to be usefully earnings enhancing and should lead
to an immediate extention of its franchise lines across
Europe."
For further information contact:
Christopher Sawyer, Chief Executive,
Deltron Electronics plc Tel: 01638 561156
Andrew Perkin, Director,
Granville plc Tel: 0171 488 1212
Andy Yeo/Kirsty Robeson,
Buchanan Communications Tel: 0171 466 5000
END
ACQBRGBURGBCCCS
Debts.Co.Uk (LSE:DET)
Historical Stock Chart
From Jun 2024 to Jul 2024
Debts.Co.Uk (LSE:DET)
Historical Stock Chart
From Jul 2023 to Jul 2024