1 November 2021
("Volex" or the "Company")
Acquisition completion - Irvine Electronics, Inc
Volex plc (AIM:VLX), the global supplier of integrated manufacturing services and power products, today announces that the acquisition of Irvine Electronics, Inc ("Irvine") has been completed.
The acquisition of Irvine was announced on 26 August 2021 subject to regulatory approvals, which have now been received. Irvine has been acquired for total cash consideration of $16.4 million funded from the Company's existing debt facilities.
Irvine is a US-based manufacturer of electronic solutions, including printed circuit board assemblies, with over 30 years of experience and deep relationships across a wide variety of blue-chip customers, particularly in the defence, military aerospace and medical markets. The acquisition will strengthen Volex's existing profile in North America, adding further capabilities and capacity in California to augment the Group's existing operations in Washington state and Mexico, creating a compelling value proposition for customers in the region.
Commenting on the acquisition, Nat Rothschild, Executive Chairman of Volex said:
"The completion of the Irvine acquisition further increases our geographic coverage and technical capabilities in the key North American market. Irvine complements the recently announced acquisition of Terminal & Cable TC Inc, a military wiring harness supplier. This supports our strategic intent to develop Volex's presence in the defence market, broadening our capabilities in this attractive sector."
For further information please contact:
Volex plc +44 (0) 7747 488 785
Nat Rothschild, Executive Chairman
Jon Boaden, Chief Financial Officer
Christian Bedford, Group General Counsel and Company Secretary
Singer Capital Markets - Nominated Adviser & Joint Broker +44 (0)20 7496 3000
HSBC Bank plc - Joint Broker +44 (0)20 7991 8888
Powerscourt - Media Enquiries +44 (0)20 7250 1446
Volex plc (AIM:VLX) is a global leader in integrated manufacturing for performance-critical applications and a supplier of power products. We serve a diverse range of markets and customers, with particular expertise in cable assemblies, higher-level assemblies, data centre power and connectivity, electric vehicles, and consumer electricals. We are headquartered in the UK and operate from 18 manufacturing locations with a global workforce of over 6,400 employees across 21 countries. Our products are sold through our own locally based sales teams and through authorised distributor partners to Original Equipment Manufacturers ('OEMs') and Electronic Manufacturing Services ('EMS') companies worldwide. All of the products and services that we offer are integral to the increasingly complex digital world in which we live, providing power and connectivity from the most common household items to the most complex medical equipment. For more information, please visit www.volex.com