discoverIE Group plc Acquisition completion - Limitor GmbH
RNS Number : 6905O
discoverIE Group plc
11 February 2021
7.00am, 11 February 2021
discoverIE Group plc
Acquisition completion - Limitor GmbH
discoverIE Group plc (LSE: DSCV, "discoverIE" or the "Group"), a
leading international designer, manufacturer and supplier of
customised electronics to industry, today announces that the
acquisition of Limitor GmbH ("Limitor") has been completed.
The acquisition of Limitor was announced on 4 December 2020
subject to regulatory approvals, which have now been received.
Limitor has been acquired for an initial cash consideration of
EUR14.5m (GBP12.8m) on a debt free, cash free basis, before
expenses, funded from the Group's existing debt facilities. In
addition, a contingent payment of up to EUR3.5m (GBP3.1m) will be
payable subject to the business achieving certain profit growth
targets over the next three years. The acquisition is expected to
be enhancing to Group underlying earnings as well as accretive to
the Group's underlying operating margin.
Limitor, founded in 1979, designs and manufactures custom
thermal safety components for industrial markets. Its products
comprise temperature and current sensors, limiters and thermal
switches, which are used in a range of industrial applications
including a number of niche segments in the Group's target markets.
Around 85% of its sales are within Europe, with 15% being into the
US, Asia and other non-EU markets. The business, which is based in
Urbach, Germany with manufacturing facilities in Pécs in Hungary,
will operate within the Group's Variohm cluster of specialist
sensor businesses as part of the Design & Manufacturing
division whilst retaining its distinct brand identity.
For further information please contact:
discoverIE Group plc 01483 544 500
Nick Jefferies, Group Chief Executive
Simon Gibbins, Group Finance Director
Buchanan 020 7466 5000
Chris Lane, Toto Berger, Charlotte Slater
Notes to Editors:
About discoverIE Group plc
discoverIE Group plc is an international group of businesses
that designs, manufactures and supplies innovative components for
The Group provides application-specific components to original
equipment manufacturers ("OEMs") internationally. By designing
components that meet customers' unique requirements, which are then
manufactured and supplied throughout the life of their production,
a high level of repeating revenue is generated with long term
With a focus on key markets driven by structural growth and
increasing electronic content, namely renewable energy,
transportation, medical and industrial & connectivity, the
Group aims to achieve organic growth that is well ahead of GDP and
to supplement that with targeted complementary acquisitions. The
Group has an ongoing commitment to reducing the impact of its
operations on the environment, while its key markets are aligned
with a sustainable future.
The Group employs c.4,200 people and its principal operating
units are located in Continental Europe, the UK, China, Sri Lanka,
India and North America.
The Group is listed on the Main Market of the London Stock
Exchange and is in the top quartile of the FTSE Small Cap Index,
classified within the Electrical Components and Equipment
subsector, and has revenues of over GBP450m.
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(END) Dow Jones Newswires
February 11, 2021 02:00 ET (07:00 GMT)