Xaar PLC Acquisition of Megnajet (4543D)
03 Março 2022 - 4:00AM
UK Regulatory
TIDMXAR
RNS Number : 4543D
Xaar PLC
03 March 2022
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018. Upon the publication of this announcement
via the Regulatory Information Service, this inside information is
now considered to be in the public domain.
Xaar plc
Acquisition of Megnajet
Strengthening Xaar's integrated inkjet solutions to accelerate
growth
Xaar plc ("Xaar"), the leading inkjet printing technology group,
is pleased to announce it has acquired Megnajet Ltd and
Technomation Ltd, whose businesses trade together under the name of
Megnajet ("Megnajet") (the "Acquisition"). Post Acquisition it is
intended that the businesses of Megnajet Ltd and Technomation Ltd
will be merged and the combined business will continue trading
under the Megnajet name.
Megnajet is one of the leading designers and manufacturers of
industrial ink management and supply systems for digital inkjet.
The Acquisition will accelerate Xaar's growth strategy by creating
a more integrated inkjet solution whereby customers can access more
of the printing ecosystem (such as ink supply systems and the
electronics) from Xaar. Megnajet offers a broad product range
including one of the most integrated and compact ink management and
supply systems, and will form part of the end-to-end solution
helping Xaar's UDI customers reduce their development timescales
and shorten their time to market while attracting a broader range
of commercial opportunities for Xaar.
The initial cash consideration for the acquisition of Megnajet
Ltd comprises GBP1.8 million, with an additional GBP0.2 million
deferred consideration to be paid in two years' time. The initial
cash consideration for the acquisition of Technomation Ltd
comprises GBP1.8 million, with an additional GBP0.2 million
deferred consideration to be paid in two years' time. The combined
initial consideration and deferred consideration for the
Acquisition is being funded from Xaar's existing resources.
Megnajet Ltd and Technomation Ltd are both being acquired on a cash
free, debt free, and normalised working capital basis. Amounts will
be adjusted up or down following completion subject to completion
accounts within 60 days, and will be satisfied in cash.
Following the Acquisition, the Xaar balance sheet remains strong
and well-capitalised.
For the year ended 28 February 2021 Megnajet Ltd generated a
profit before tax of GBP0.3 million and had gross assets of GBP1.3
million (unaudited). For the year ended 31 January 2021,
Technomation Ltd generated a profit before tax of GBP0.4 million
and had gross assets of GBP0.6 million (unaudited).
The Board expects the Acquisition to contribute an annualised
revenue of approximately GBP3 million and to be earnings accretive
in the current financial year ending 31 December 2022.
Graham Strudwick, Technical Director at Megnajet, joins the Xaar
Group as Director of System Component Integration.
John Mills, CEO of Xaar, commented "The acquisition of Megnajet
will accelerate our growth strategy by enabling us to offer
existing and new customers a more integrated inkjet solution.
"Having worked with Megnajet for several years we know the
company has an excellent reputation within the inkjet industry for
delivering compact and easy to integrate products.
"This acquisition is a great addition to our business and we are
delighted to welcome everyone at Megnajet into the Xaar Group."
Graham Strudwick, Director of System Component Integration ,
commented "This is an exciting opportunity for Megnajet and will
ensure the company continues to develop and grow. Xaar has a great
track record for innovation and leadership within the inkjet
industry. We're delighted to become part of the Xaar team".
Enquiries:
Xaar plc +44 (0)1223 423 663
John Mills, Chief Executive Officer
Ian Tichias, Chief Financial Officer
Tulchan Communications +44 (0)20 7353 4200
James Macey White
Giles Kernick
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END
ACQUURRRURUORUR
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March 03, 2022 02:00 ET (07:00 GMT)
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