StockMarketWire.com - Bodycote has announced a deal to acquire Ellison Surface Technologies for $200m.
Bodycote said the money for the acquisition will come from its existing committed credit facilities, and the deal is expected to be completed in Q1 2020, contingent on regulatory approvals.
It is anticipated that the Ellison business will be immediately earnings enhancing to the enlarged Bodycote business.
Commenting on the transaction, Bodycote chief executive Stephen Harris said, 'Ellison's business is one that we have long respected and is a perfect strategic fit for Bodycote's aerospace and Specialist Technologies' businesses.
'Ellison has been successful in winning new business in recent years and it will be very complementary to Bodycote's existing Surface Technology business.'
Story provided by StockMarketWire.com
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