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Trifast Makes Malaysian Acquisition
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2012-03-14
Trifast plc confirmed it had completed the acquisition of Power Steel and Electro-Plating Works Sdn. Bhd (PSEP) in Malaysia.
Trifast describes PSEP as one of the most advanced fastener manufacturers in the Asia region, with a strong balance sheet and a customer base complementary to that of TR. PSEP manufactures higher value and technically sophisticated cold forged components used in the automotive, motorcycle and compressor industries in the Asian region. PSEP was incorporated in 1972 by principal shareholder and CEO, Mr Foo Poh Wah, and started standard manufacturing in 1973 producing parts for local consumption. In 1982, it diversified into technically advanced fasteners to supply the then emerging automotive industries in Malaysia. The 15 million acquisition has been funded by a mix of bank resource and a London Stock Exchange equity placing which raised approximately 8 million before expenses.
Over the last three years, Trifast has successfully restructured its operations across European, Asian and US businesses. An essential part of the TR management growth strategy is to identify and selectively acquire "self managing bolt-on" businesses that either extend its product range or offer niche opportunities as well as being earnings enhancing for the Group.
Commenting on the acquisition Trifast CEO, Jim Barker said, "PSEP's ability to produce larger component size capacity coupled with TR Asia's existing small diameter capabilities substantially broadens the Group's reach whilst it enhances one of our strategic objectives of becoming a single source supplier to major user assemblers." He continues, "We have already been benefiting from our long established business relationship and now, together, we have strengthened our service offering and from here, we can capitalise on the opportunities for the combined business within the Asian territories as well as internationally."
Malcolm Diamond MBE, Executive Chairman at Trifast added, "Whilst TR has seen growth within Europe, Asia we believe offers the largest growth opportunities overall. PSEP represents an excellent strategic fit for the Group and will form a key part of TR's future expansion plans in the region. By adding TR's global sales and marketing resources to the excellent PSEP model, we will see further utilisation of their capacity and an increase in our Asia capabilities."
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reference from Fastener & Fixing Magazine, arranged by Fastener World Inc.
2012-03-14

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