Senior to buy Malaysia's UPECA

10th Mar 2014 07:06

Manufacturing group Senior confirmed that it has entered into an agreement to buy Malaysian based UPECA Technologies for 75.5m pounds in cash.The acquisition of UPECA Technologies, which provides manufacturing services for high precision metal machining, is expected to complete towards the end of March.UPECA has two manufacturing facilities in Malaysia, one selling to the aerospace industry and the other to the energy market, and a third facility in China, which is located in Tianjin and specialises in energy applications, Senior explained.Senior, which operates through its two main divisions of Aerospace and Flexonics, added that it will assume £17.3m of net debt.Senior's Chief Executive Mark Rollins added: "UPECA represents an excellent addition to Senior's portfolio, strengthening the group's aerospace and energy market presence in the increasingly important South East Asian region. "UPECA's 20 years of experience, its impressive capabilities and its own strong customer relationships, combined with Senior's wider market access and financial strength, are expected to create an excellent platform to enhance the future growth prospects for the whole Senior." CJ