Avid is buying a metal finishing business.
It is paying an initial £680,000 for Alpha Anodising, and could pay a further £120,000 depending on its performance over the next six months. Avid believes that the purchase will allow it to retain business that has previously been subcontracted by the group.
Alpha provides mechanical and chemical finishes plus high quality surface and sub-surface printing. It made net profit of £169,000 on turnover of £1.14m in the year to June 2007 and £60,000 profit in the most recent six month period.
Avid shares rose 0.025p to 0.45p, valuing the company at £1.87m.
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