Business
Acquisition of GB Wiring Systems Limited
Acquisition of GB Wiring Systems Limited.
About this update from Aurrigo International Plc
[{"type":"text","content":"\n\n1 June 2023\nAurrigo International plc\n \nAcquisition of GB Wiring Systems Limited\n \nAurrigo International plc (AIM: AURR, the \"Group\" or \"Aurrigo\"), a leading international provider of autonomous transport technology solutions particularly for the Aviation industry, announces that it has acquired GB Wiring Systems Limited (\"GB Wiring\"), specialist providers of electrical wiring harnesses and assemblies for the Automotive industry, for a consideration of approximately £0.25m (the \"Acquisition\").\n \nThe Acquisition will be immediately earnings enhancing and will complement Aurrigo's existing Automotive business, allowing for improved supply chain logistics for key automotive products, whilst also enhancing the Group's broad core design and manufacturing competencies for the benefit of its Autonomous and Aviation Technology divisions.\n \nGB Wiring, based in Leicestershire, UK, has been operating for 11 years as a complete wiring solution supplier of electrical wiring systems for the Automotive and Industrial Sectors; whilst there is no cross over of customer base, there is strong synergy between the existing products and skills of both Aurrigo and GB Wiring. For the year ended 31 August 2022 reported turnover of approximately £665,000, profit before tax of approximately £74,000 and had net assets of approximately £100,000.\n \nGraham Keene, Director of Corporate Development , Aurrigo, said:\n \n\"This Acquisition brings us enhanced capabilities and capacity in our core Automotive area of wiring harnesses and electrical components. In addition, we will continue to leverage these capabilities which we have used so successfully in developing our Autonomous and Aviation divisions.\n \nGiven our successful track record of acquiring businesses, we are confident of smoothly integrating GB Wiring to ensure continuity of service for its established customer base and are delighted to be welcoming GB Wiring's skilled team into the Group.\n \nMark Robson and Mike Francks, Directors of GB Wiring, commented:\n \n\"Aurrigo is a long-established leader in automotive electronics and we are pleased to be joining the team. We are confident that our capabilities and expertise can enhance Aurrigo's existing offering and will ensure that there is a smooth transition for both our staff and ou...