Volex PLC Completion of Acquisitions (2473X)
04 Gennaio 2022 - 8:00AM
UK Regulatory
TIDMVLX
RNS Number : 2473X
Volex PLC
04 January 2022
4 January 2022
Volex plc
("Volex" or the "Company")
Completion of Acquisitions - Prodamex and TC
Volex plc (AIM:VLX), the global supplier of integrated
manufacturing services and power products, today announces the
completion of the Prodamex SA de CV ("Prodamex") and Terminal &
Cable TC Inc. ("TC") acquisitions following receipt of requisite
regulatory approvals. Prodamex and TC have been acquired for a
total cash consideration of CAD$22.5 million (USD$17.8 million)
funded from the Company's existing debt facilities.
Prodamex operates from an advanced manufacturing facility
serving customers in Mexico, USA and Canada. It brings to Volex
additional higher volume manufacturing capability in Central
Mexico, complementing the existing manufacturing plants in Tijuana
and Juarez, providing customers with additional sourcing
flexibility and production capacity.
TC's facility in Quebec, Canada provides Volex with ruggedised
wire harness manufacturing capabilities focusing on the attractive
"off-highway" market sector, supporting defence, industrial,
agricultural and construction machinery customers.
Commenting on the acquisitions, Nat Rothschild, Executive
Chairman of Volex said:
"The completion of the Prodamex and TC acquisitions increases
our geographic coverage and technical capabilities in the key North
American market. TC provides further expansion into defence markets
following our recent acquisition of Irvine Electronics while
Prodamex complements our strong, global proposition for domestic
appliance manufacturers, giving us added scale and reach . The
acquisitions support our strategy of developing Volex's presence in
attractive sectors where we can leverage our expertise and global
reach to achieve profitable growth."
For further information please contact:
Volex plc +44 (0) 7971 156 431
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 20 manufacturing locations with a global
workforce of over 6,900 employees across 22 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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END
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