27 March 2006
XP Power plc
("XP" or "the Group")
Acquisition of Mieltec SRL
XP, one of the world's leading providers of power supply solutions to the
electronics industry, announces the acquisition of a further 45% of the issued
share capital of Mieltec SRL ("Mieltec") for a consideration of €44,991 in
cash. This brings XP's total holding in Mieltec up to 80%.
Mieltec is a small specialist distributor of electronic power supplies serving
the Italian market and is XP's exclusive distributor in that territory.
For the year ended 31 December 2005, Mieltec had an unaudited loss after tax of
€69,355 and net liabilities of €39,831. XP do not expect to make any fair value
adjustments to the net liabilities acquired.
A capital contribution of €75,000 was made to the company at the date of
acquisition. XP contributed €26,250 of this amount.
The Directors of XP believe that the acquisition of Mieltec gives XP the
presence it requires in Italy which makes up over 10% of the European market
for electronic power supplies. XP has been working with Mieltec for over two
years and this is a natural progression of our relationship. Mieltec's name
will be changed to Mieltec XP Power SRL.
- Ends -
Enquiries:
XP Power plc 0118 984 5515
Larry Tracey, Executive Chairman
James Peters, Deputy Chairman
Duncan Penny, Chief Executive Officer
Weber Shandwick Square Mile 020 7067 0700
Nick Dibden
Notes to editors:
XP Power plc provides power supply solutions to the electronics industry.
All electronic equipment needs a power supply. Power supplies convert the
incoming AC supply into various levels of DC voltages to drive electronic
components and sub-assemblies within the end user's equipment. XP Power
segments its business into Communications, Defence and Avionics, Industrial and
Medical. By servicing these markets XP Power provides investors with access to
technology and industrial sectors of the North American and European
electronics market.
The market is highly fragmented and made up of a large number of small to
medium sized Original Equipment Manufacturers who source standard and modified
standard power supplies from several hundred power supply companies.
For further information, please visit www.xppower.com