Business
Acquisition of Mieltec SRL
Acquisition of Mieltec SRL.
About this update from Xp Power Ltd.
[{"type":"text","content":"\n \n 27 March 2006\n\n XP Power plc \n\n (\"XP\" or \"the Group\") \n\n Acquisition of Mieltec SRL \n\nXP, one of the world's leading providers of power supply solutions to the\nelectronics industry, announces the acquisition of a further 45% of the issued\nshare capital of Mieltec SRL (\"Mieltec\") for a consideration of €44,991 in\ncash. This brings XP's total holding in Mieltec up to 80%.\n\nMieltec is a small specialist distributor of electronic power supplies serving\nthe Italian market and is XP's exclusive distributor in that territory.\n\nFor the year ended 31 December 2005, Mieltec had an unaudited loss after tax of\n€69,355 and net liabilities of €39,831. XP do not expect to make any fair value\nadjustments to the net liabilities acquired.\n\nA capital contribution of €75,000 was made to the company at the date of\nacquisition. XP contributed €26,250 of this amount.\n\n\nThe Directors of XP believe that the acquisition of Mieltec gives XP the\npresence it requires in Italy which makes up over 10% of the European market\nfor electronic power supplies. XP has been working with Mieltec for over two\nyears and this is a natural progression of our relationship. Mieltec's name\nwill be changed to Mieltec XP Power SRL.\n\n - Ends - \n\nEnquiries:\n\nXP Power plc 0118 984 5515 \nLarry Tracey, Executive Chairman \nJames Peters, Deputy Chairman \nDuncan Penny, Chief Executive Officer \n \nWeber Shandwick Square Mile 020 7067 0700 \nNick Dibden \n\n\nNotes to editors:\n\nXP Power plc provides power supply solutions to the electronics industry.\n\nAll electronic equipment needs a power supply. Power supplies convert the\nincoming AC supply into various levels of DC voltages to drive electronic\ncomponents and sub-assemblies within the end user's equipment. XP Power\nsegments its business into Communications, Defence and Avionics, Industrial and\nMedical. By servicing these markets XP Power provides investors with access to\ntechnology and industrial sectors of the North American and European\nelectronics market.\n\nThe market is highly fragmented and made up of a large number of small to\nmedium sized Original Equipment Manufacturers who source standard and modified\nstandard power supplies from several hundred power supply companies.\n\nFor further information, please visit www.xppower.com\n\n\n \n ","length":3023,"tag...