I Agree

We have updated our Privacy and Cookie Policy. By clicking "I Agree" below, you acknowledge that you accept our Privacy and Cookie Policy and Terms of Use.

PLEASE TELL US A LITTLE ABOUT YOURSELF SO THAT WE CAN DISPLAY THE MOST
APPROPRIATE CONTENT TO YOU:

This site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about cookies used on Trustnet and how you can manage them, see our Privacy and Cookie Policy.

By clicking "I Agree" below, you acknowledge that you accept our Privacy Policy and Terms of Use.

For more information Click here

Login

Register

It's look like you're leaving us

What would you like us to do with the funds you've selected

Show me all my options Forget them Save them
Customise this table
Share   Print      RSS

Mincon Group Plc (MCON)

Mincon Group Plc

Acquisition of Lehti Group
RNS Number : 2238A
Mincon Group Plc
20 January 2020
 

20 January 2020

MINCON GROUP PLC

("Mincon" or the "Company")

 

Acquisition of Lehti Group Oy 

 

Mincon (Euronext: MIO  AIM: MCON) the Irish engineering group specialising in the design, manufacture, sale and servicing of rock drilling tools and associated products is pleased to announce the acquisition of Finnish company, Lehti Group Oy ("Lehti") to further enhance Mincon's manufacturing capability in the geotechnical / construction market. The acquisition of Lehti follows on from the acquisition of PPV Oy in 2017, which became a key part of our engineering hub in Mincon Nordic, focusing on accessing the geotechnical / construction markets. Following the acquisition, the Lehti business will be fully combined into Mincon Nordic operations.

 

The significant growth Mincon Nordic has experienced in the geotechnical market has resulted in Lehti becoming a key manufacturing partner to Mincon, with Mincon accounting for approximately €9 million of the projected €13 million turnover achieved by Lehti during 2019. The projected EBITDA of Lehti for the calendar year 2019 is approximately €2.2 million. The partnership with Lehti has enabled Mincon to win and supply significant infrastructure projects in North America, Scandinavia, Asia and Russia. The cash consideration for the acquisition is €8 million, with €7 million to be paid on completion and a further €0.5 million payable in April 2020 and the final payment of €0.5 million in April 2021.

 

Joe Purcell, Chief Executive of Mincon, commented: "This acquisition means that Mincon Nordic enters 2020 with the momentum provided by the contracts which we successfully won in 2019 and with superb reference sites for Mincon geotechnical products manufactured by Lehti. We believe this acquisition will leave Mincon well placed to further expand in the attractive geotechnical market worldwide."

 

Ends

 

For further information, please contact:

 


Mincon Group plc


Joe Purcell, Chief Executive Officer

Mark McNamara, Chief Financial Officer

 

Tel: + 353 (61) 361 099



Davy Corporate Finance (Nominated Adviser and Euronext Growth Advisor)

Anthony Farrell

Tel: +353 (1) 679 6363

Daragh O'Reilly


 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
ACQKKOBDABKDADD
Data provided by FE fundinfo. Care has been taken to ensure that the information is correct, but FE fundinfo neither warrants, represents nor guarantees the contents of information, nor does it accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein. Past performance does not predict future performance, it should not be the main or sole reason for making an investment decision. The value of investments and any income from them can fall as well as rise.

You are currently using an old browser which will not be supported by Trustnet after 31/07/2016. To ensure you benefit from all features on the site, please update your browser.   Close