discoverIE Group - High-margin acquisitions
discoverIE has made two acquisitions of design and manufacturing (D&M) businesses for a total of £77m in cash. This is in line with the company’s strategy to grow the D&M division and provides scope for cross-selling as well as increasing access to non-European markets. Both acquisitions have high operating margins (20%+), helping the group in its quest to drive underlying operating margins towards its four-year target of 12.5% from last year’s 7.7%. The acquisitions were part-funded by an over-subscribed placing that raised gross proceeds of £55m.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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