- Shaftesbury 642.00 0.00
Laird takes over Emerson & Cuming and Summit Data
Friday, 2nd March 2012
Laird has made two bolt-on acquisitions to strengthen its existing EMI shielding and M2M (machine to machine) businesses. Laird says the acquisitions of Emerson & Cuming for â?¬22.5m and Summit Data Communications for an initial â?¬22m will be satisfied from Laird's existing banking facilities.
Laird says the acquisition of Microwave Materials Group - the holding company of Emerson & Cuming Microwave Products - is subject to certain regulatory approvals and is currently expected to complete during the second quarter of 2012.
Emerson & Cuming is a global leader in the development and manufacture of microwave absorbing materials, low-loss dielectrics (used as insulation within printed circuit boards) and electrically conductive shielding materials.
This builds on Laird's existing EMI shielding and absorber product range for higher frequency, more powerful electronic devices and allows Laird to offer customers a full range of shielding materials, critical to the effective performance of electronic devices.
It also allows Laird to leverage its strong Asian footprint to extend Emerson & Cuming's presence outside the US and Europe. Summit Data Communications is a provider of secure and reliable wireless connectivity for blue chip customers in niche industrial and medical markets
The acquisition of Summit is for a cash consideration of $22m on a debt and cash free basis, plus a potential earn-out of $8m payable in 2014 if certain performance targets are met.
The acquisition expands Laird's presence in the wireless machine-to-machine (M2M) market.
Summit develops non-cellular WLAN M2M modules specifically designed to allow wireless systems to function efficiently in harsh radio frequency environments, such as factories and hospitals.
This builds on Laird's existing capability in wireless solutions that combine hardware and software.
Executive chairman Nigel Keen said: "These acquisitions will strengthen our capability in two high growth markets. As electronic devices become more powerful, then the requirements for shielding change.
"Emerson & Cuming provides us with a broader range of specialist products that we can offer to existing customers and gives us the opportunity to expand our customer base.
"The acquisition of Summit allows us to develop further our wireless connectivity offering, adding products to our range that allow wireless systems to function efficiently in difficult radio frequency environments like factories and hospitals.
"Both acquisitions will be earnings enhancing in the current year, and will make a positive contribution to the Laird brand."
At 8:13am: (LON:LRD) share price was +4p at 176.5p
Story provided by StockMarketWire.com
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