Solid State - Step change in Power capabilities
Solid State is acquiring Custom Power, a California-based battery systems manufacturer and energy solutions provider, for up to $45.0m (c £36.0m) in cash. It is raising up to £27.2m (gross) through a placing and open offer at 1,025p/share to partly finance the acquisition. Management believes that the acquisition will be earnings enhancing in its first full year (FY24).Solid State manufactures electronic equipment and distributes electronic components and materials. Co. has two divisions: Distribution, which is a distributor serving the needs of the electronics original equipment manufacturer community in the U.K. and products provided include those for the internet of things, embedded processing, control, wireless and wired communications, power management, and light-emitting diode lighting from manufacturers; and Manufacturing, which is engaged in the design, development and supply of rugged and industrial computers, portable power and energy storage solutions, communication systems, antennas and high bandwidth video transmission products.
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