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Filtrona Buys US Plastic Components Maker for $110 mln
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2011-11-29
Plastics and filters maker Filtrona PLC said it has agreed to buy a U.S. plastic components firm for $110 million, in a deal that gives it access to new markets and is expected to boost earnings immediately.
Filtrona is paying cash for privately-held Richco Inc., which makes plastic fasteners for cables and electronic devices.
Richco generates over 70% of its revenue outside the U.S., and last year reported earnings before interest, taxes, depreciation and amortization of $11.9 million on sales of $71.4 million, Filtrona said.
Chief Executive Colin Day said: "Not only does Richco expand our product range in plastic fastening and cable management products, but also it gives us broader access to new, attractive growth end markets such as consumer electronics."
At 0920 Filtrona shares were flat, compared with a 1% fall in the wider FTSE-250 index.
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