- International industrial fastenings group, Trifast (TR), is extending its European presence through the acquisition of industrial distributor Kuhlmann Befestigungselemente, which is based in Germany.

The total consideration is £6.16m. The initial amount of £4.9m was paid on completion and the remainder will be deferred for 12 months and is to serve as a retention against which any potential warranty and indemnity claims will be offset.

TR says it will be will be investing into Kuhlmann to further develop the opportunities in the German market and expects the acquisition to be earnings enhancing in the first full year.

Germany is the fourth largest industrial fastener market globally and the biggest in Europe. Over the last five years TR has successfully developed its export business and last year sales into Germany contributed around £7m.

Trifast's chief executive, Mark Belton, added: "This is a very positive step for both TR and Kuhlmann and we welcome everyone into the Trifast family. Having already built a close trading relationship between our two businesses and respective management teams, we are now establishing a strong local presence and a base for what we see as an exciting opportunity for both TR and Kuhlmann."

At 11:03am: [LON:TRI] Trifast PLC share price was +3.63p at 112.13p

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