Business
Acquisition completion - Irvine Electronics, Inc
Acquisition completion - Irvine Electronics, Inc.
About this update from Volex Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8108Q\n Volex PLC\n 01 November 2021\n \n \n \n \n 1 November 2021\n \n \n \n Volex plc\n \n \n (\"Volex\" or the \"Company\")\n \n \n \n \n \n Acquisition completion - Irvine Electronics, Inc\n \n \n \n \n \n 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.\n \n \n 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. \n \n \n 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. \n \n \n Commenting on the acquisition, Nat Rothschild, Executive Chairman of Volex said:\n \n \n \"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.\"\n \n \n \n \n \n For further information please contact: \n \n \n \n Volex plc \n \n +44 (0) 7747 488 785\nNat Rothschild, Executive Chairman\nJon Boaden, Chief Financial Officer\nChristian Bedford, Group General Counsel and Company Secretary\n \n \n \n Singer Capital Markets - Nominated Adviser & Joint Broker\n \n +44 (0)20 7496 3000\nShaun Dobson\nGeorge Tzimas\n \n \n \n HSBC Bank plc - Joint Broker \n \n +44 (0)20 7991 8888\nSimon Alexa...