Hudaco acquires SBS, conditions of Dunford acquisition met
JSE-listed Hudaco Industries on Thursday announced that it had acquired the assets and liabilities of imported battery distributor Specialised Battery Systems (SBS).
The final total consideration payable by Hudaco would depend on the company’s average profits over the three-year earn-out period, with an initial payment of R32.5-million and a maximum total payment of R75-million.
All suspensive conditions pertaining to this transaction had been met, Hudaco said.
Further, the group also advised shareholders that all the suspensive conditions of its acquisition of the Dunford Group had been met.
Hudaco, in November, announced it would spend a maximum of R154.3-million on buying out the Dunford group of businesses, which comprised Dosco Precision Hydraulics, Gear Pump Manufacturers, Joseph Grieveson and Engineering Technology Services.
The group said Dunford, whose main areas of interest were the machining, repair and sale of hydraulic pumps, and the production of ferrous and nonferrous castings, was an “ideal fit”, as it focused on selling industrial products – an area of core competency for Hudaco.
“We will be able to use our experience and expertise in these markets to enhance Dunford’s position, resulting in long-term benefits to shareholders,” Hudaco said in a statement.
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