British co Acal acquires Myrra

Apr 4, 2013 - UK electronics maker Acal Energy Ltd said today it had finalised the acquisition of Myrra Group, a firm that makes customised magnetic electronic products for household appliances, renewable energy equipment, healthcare and other applications.

The buyer first unveiled the acquisition in early March, saying it would pay EUR 9.5 million (USD 12m) in cash up-front plus as much as EUR 1.8 million in March 2016 if the target reached certain milestones. Acal paid for the transaction through a cash placing and a new debt facility.

The acquisition, seen to immediately start adding to the buyer’s underlying earnings, comes to strengthen Acal’s electronics division and improve its customisation and development capabilities, it said. Furthermore, the buy will expand Acal’s geographic footprint in Europe and Asia.

In 2012 Myrra booked revenues of EUR 20.8 million and an underlying operating profit of EUR 1.7 million. The company has nearly 330 employees in China and close to 80 in Europe.

(EUR 1 = USD 1.280)

Choose your newsletter by Renewables Now. Join for free!