Volex PLC Acquisition completion -- Irvine Electronics, Inc (8108Q)
01 Novembre 2021 - 08:00AM
UK Regulatory
TIDMVLX
RNS Number : 8108Q
Volex PLC
01 November 2021
1 November 2021
Volex plc
("Volex" or the "Company")
Acquisition completion - Irvine Electronics, Inc
Volex plc (AIM:VLX), the global supplier of integrated
manufacturing services and power products, today announces that the
acquisition of Irvine Electronics, Inc ("Irvine") has been
completed.
The acquisition of Irvine was announced on 26 August 2021
subject to regulatory approvals, which have now been received.
Irvine has been acquired for total cash consideration of $16.4
million funded from the Company's existing debt facilities.
Irvine is a US-based manufacturer of electronic solutions,
including printed circuit board assemblies, with over 30 years of
experience and deep relationships across a wide variety of
blue-chip customers, particularly in the defence, military
aerospace and medical markets. The acquisition will strengthen
Volex's existing profile in North America, adding further
capabilities and capacity in California to augment the Group's
existing operations in Washington state and Mexico, creating a
compelling value proposition for customers in the region.
Commenting on the acquisition, Nat Rothschild, Executive
Chairman of Volex said:
"The completion of the Irvine acquisition further increases our
geographic coverage and technical capabilities in the key North
American market. Irvine complements the recently announced
acquisition of Terminal & Cable TC Inc, a military wiring
harness supplier. This supports our strategic intent to develop
Volex's presence in the defence market, broadening our capabilities
in this attractive sector."
For further information please contact:
Volex plc +44 (0) 7747 488 785
Nat Rothschild, Executive Chairman
Jon Boaden, Chief Financial Officer
Christian Bedford, Group General Counsel and Company
Secretary
Singer Capital Markets - Nominated Adviser & Joint Broker
+44 (0)20 7496 3000
Shaun Dobson
George Tzimas
HSBC Bank plc - Joint Broker +44 (0)20 7991 8888
Simon Alexander
Joe Weaving
Powerscourt - Media Enquiries +44 (0)20 7250 1446
James White
Ollie Head
About Volex
Volex plc (AIM:VLX) is a global leader in integrated
manufacturing for performance-critical applications and a supplier
of power products. We serve a diverse range of markets and
customers, with particular expertise in cable assemblies,
higher-level assemblies, data centre power and connectivity,
electric vehicles, and consumer electricals. We are headquartered
in the UK and operate from 18 manufacturing locations with a global
workforce of over 6,400 employees across 21 countries. Our products
are sold through our own locally based sales teams and through
authorised distributor partners to Original Equipment Manufacturers
('OEMs') and Electronic Manufacturing Services ('EMS') companies
worldwide. All of the products and services that we offer are
integral to the increasingly complex digital world in which we
live, providing power and connectivity from the most common
household items to the most complex medical equipment. For more
information, please visit www.volex.com
-ENDS-
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