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Advanced Power Components
- BY: Andrew Hore |
- POSTED: 04/06/2008 |
Electronic components distributor Advanced Power Components is paying £1m for Contech Electronics, which is a distributor of data input devices.
This acquisition was flagged by the company last month. There will be a £925,000 payment for fixed assets and goodwill with a further £75,000 dependent on performance over the three months after the acquisition is completed. There will be an initial payment of £500,000 and the rest will be paid over a nine month period.
Contech fits in well with APC’s niche electronic component distribution business. It gives APC greater exposure to the broadcast and medical sectors. Contech’s product range includes keyboards, barcode scanners, card readers and touch screens.
In the eight months to March 2008, Contech generated pre-tax profit of £154,000 on revenues of £1.25m.
Prior to the acquisition APC raised £360,000 placing at 18p a share. That was just above the mid-price at the time. The shares rose 0.5p to 17.5p on the confirmation of the acquisition.
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