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Johannesburg – Hudaco Industries [JSE:HDC] has acquired the trading assets and liabilities of Deltec for a total consideration of R41.5m.
Deltec is a distributor of imported maintenance free batteries‚ representing leading brands such as Varta‚ Global‚ Forbatt‚ US Battery and others.
Hudaco said the business of Deltec is an ideal fit in that it focuses on selling to the automotive‚ standby and mining industries‚ an area of core competency for Hudaco.
Hudaco will be able to utilise its experience and expertise in these markets to enhance Deltec's position‚ resulting in long-term benefits to shareholders.
Hudaco also announced that it has acquired the trading assets and liabilities of Proof - a leading supplier of flame and explosion proof cable connectors and explosion proof light fittings‚ mainly to the mining industry.
The final total consideration will depend on the average profits over a three year earn-out period‚ with a maximum of R25m and an initial payment of R10m.
The business will operate as a division within Powermite‚ an existing Hudaco business which primarily distributes specialised electric cabling‚ industrial plugs and sockets and systems to supply electric power to moveable devices‚ Hudaco said.
