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Bids, Mergers and Takeovers

Acal acquires Plitron; maintains forecast

12 February 2016 07:22

Acal - a leading international supplier of customised electronics to industry - has acquired Plitron Manufacturing Inc for CD4.0m.

Plitron, based in Toronto, Canada, is a designer and manufacturer of custom toroidal transformers for transportation, medical and industrial applications.

Acal also said that its trading for the four months ended 31 January was in line with its expectations. An update said: "In the Design & Manufacturing division, sales increased by 26% CER. Like-for-like growth continued at levels similar to the first half of the current financial year. "In the Custom Distribution division, ongoing sales3 were flat, with Continental Europe growing at levels similar to organic rates in the D&M division while the UK remained in decline. As indicated at the time of our first half results announcement, overall sales growth in Custom Distribution was impacted by the strong prior year comparator arising primarily from a few large one-off customer orders." It said that gross margin remains firm and ahead of last year. Flux A/S, which was acquired on 5 November for an initial consideration of GBP3.7m, and Contour Electronics, which was acquired on 8 January 2016 for an initial consideration of GBP17.0m, are performing as expected.

It adds: "Whilst mindful of the current uncertain economic and market conditions, we maintain our earnings forecast for the full year."

Story provided by StockMarketWire.com

Related Company: ACL

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