discoverIE Group - Boosting North American presence
discoverIE has acquired two high-margin design & manufacturing (D&M) businesses for initial consideration of £15.9m, and raised £28m net from the issue of 7.3m shares at 400p per share. The acquired businesses strengthen discoverIE’s position in the magnetics and sensor markets, increase presence in North America and open up organic growth opportunities in the group’s target markets. The placing brings the group’s gearing down and provides headroom for further acquisitions.discoverIE Group designs, manufactures and supplies electronic products, supplying customers in the transportation, medical, renewable energy and industrial sectors. Co.'s business is focused in five technology areas, which include communication and sensors, imaging and photonics, power and magnetics, microsystems, and electromechanical and cabling. Co. operates across two divisions: Design & Manufacturing, which supplies custom electronic products which are designed or modified from an existing product to customer specifications; and Custom Distribution, which provides technically demanding, customized electronic, photonic and medical products to industrial manufacturers.
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