Avon Rubber p.l.c. Acquires VR Technology
Avon Rubber p.l.c. has acquired the business and assets of VR Technology ("VR"), a market leader in diving rebreather systems and dive computers. VR's products and key technologies will complement and enhance Avon's current and planned product ranges and increase respiratory protection opportunities for the Group, in particular with navies around the world.
The Group also announces that it has acquired purpose built freehold premises in Picayune, MS, USA, for use by its subsidiary Avon Engineered Fabrications in anticipation of the expiry of the lease of its existing premises on 30 September 2013.
The total cash consideration for the two transactions is £3m. The transactions are not expected to impact forecast earnings for the current financial year apart from one-off exceptional transaction and relocation costs and the amortisation of acquired intangibles totalling £0.5m.