Australia's IPD Group jumps on acquiring Perth-based business for $6.9 mln

ActivEX

21/07/2023 03:10

** Shares of IPD Group  IPG.AX  jump as much as 4.1% to
A$4.78, on track for a third straight session of gains 
    ** The electrical components maker says it has acquired EX
Engineering, a Perth-based business that specialises in
designing and supplying electrical hazardous area equipment, in
a deal for A$10.2 mln ($6.90 mln) in cash and stock
    ** This type of equipment is used in areas characterised by
risk of fires or explosions from flammable gases or dusts
    ** For the year ended June 2023, EX Engineering generated
revenue of A$12.4 mln and normalised EBITDA of A$2.5 mln
    ** Stock up 54.6% YTD, as of last close
    
    ($1 = 1.4775 Australian dollars)

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))