Australia's RPM Automotive gains on deal to acquire safety products business

Rpm Automotive

20/12/2021 04:00

** Shares of the auto parts dealer  RPM.AX  rise as much as
3.5% to A$0.300, their highest level since Dec.7 
    ** Co enters binding agreement to acquire Safety Products
business, Safety Dave for a consideration of A$9.5 million 
($6.76 million) to be funded 70% in cash and 30% in RPM
shares  urn:newsml:reuters.com:*:nASXbgfzwP
    ** Says Safety Dave's core product line includes Rear Vision
Systems, Tyre Pressure Monitoring Systems and Defibrillators
among others
    ** Adds that Safety Dave is expected to generate A$8.3
million revenue and A$1.95 million EBIT for the 12-month
period urn:newsml:reuters.com:*:nFWN2T2102 
    ** More than 134,000 shares change hands, compared with the
30-day average volume of ~101,500 shares 
    ** Stock has risen 41.5% this year as of last close


($1 = 1.4053 Australian dollars)

 (Reporting by Roushni Nair in Bangalore)
 ((Roushni.Nair@thomsonreuters.com))