Discoverie buys 90% stake in 3Gmetalworx for £50m

(Sharecast News) - Electronics maker DiscoverIE Group on Tuesday said it had bought a 90% stake in North American firm 3Gmetalworx for £50m 3G designs and manufactures electromagnetic shielding products for the electronics industry, with its main markets being aerospace & defence, commercial space satellite and industrial. Its management will keep a 10% interest in the business.

"The acquisition supports our strategy of building a differentiated, growth-focused electronics group by strengthening our North American presence in attractive, long-term growth markets, such as security and aerospace & defence," DiscoverIE said in a statement.

The business has production and sales facilities in Toronto, Canada and in the US in Florida and California.

Reporting by Frank Prenesti for Sharecast.com

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