|
Automodular Acquires U.S. Sequencer
WHITBY - October 24, 2002
Automodular Corporation has signed an agreement, subject to certain conditions, to acquire a supplier of sequencing and sub-assembly services based in the United States. The acquisition is scheduled to take place in early January 2003.
Automodular will pay a purchase price of $20 million U.S. funds initially, with additional payments based on the acquired company's operating performance over the next four years. The acquisition, which has annual sales of U.S. $40 million and is profitable, is expected to be accretive to net income and to earnings per share in 2003 and thereafter.
In July 2002, Automodular announced it had signed a letter of intent to acquire another U.S. sequencer. Automodular has completed its due diligence on that acquisition and decided not to proceed further with it.
| 
