Versarien plc has completed the acquisition of AAC Cyroma Limited from its shareholders Steve Clements (15%) and The Breakfast Club 2000 Ltd (85%).
The deal's financial terms include an initial payment of $2.46m, paid partly in cash, partly in shares and assuming AAC’s debt, and a deferred payment of up to $0.25m subject to AAC achieving pre-tax profit targets for 2017 and 2018.
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Both companies are UK-based, and while Versarien develops and supplies advanced engineering materials, AAC Cyroma produces plastic and injection moulded products.
US rail product manufacturer Wabtec is set to merge with Faiveley Transport, an integrated systems supplier for the railway industry based in France, with the European Commission (EC) having cleared the proposal.
Under the agreement, Wabtec will acquire Faiveley by the fourth quarter of 2016, with operations then being combined to create a single entity with €4bn ($4.47bn) in annual revenue.
The EC’s approval is based on the condition of Faiveley Transport selling its sintered brake material business named Faiveley Transport Gennevilliers (FTG).
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