iPower slides on $12 mln deal to buy logistics service provider
22/02/2022 14:55
** Hydroponics equipment firm's shares IPW.O plunge ~8% to
$1.73 in early trading
** Co says has bought its global co-engineering partner
Daheshou Shenzhen Information Technology Co Ltd in $12 mln deal
urn:newsml:reuters.com:*:nGNX8tRCty
** Shenzhen, China-based Daheshou provides services
including research and development and supply chain management
** Bringing our key supplier and logistics service provider
in-house will strengthen our supply chain - IPW CEO Lawrence Tan
** IPW says it accounted for a majority of the $9 mln in
gross sales Daheshou generated in fiscal 2021
** Shares have lost over a fifth of their value YTD, as of
last close
(Reporting by Niket Nishant in Bengaluru)
((Niket.Nishant@thomsonreuters.com;))