Vulcan Industries acquires Swindon sheet metal fabricator Aftech
Vulcan Industries has bought sheet metal fabricator Aftech in a deal worth just over £1.5m.
London-based Vulcan says the acquisition will provide its operations with additional capacity and capabilities once the £1,550,000 deal is concluded with Aftech's UAE owners Unity Global- FZCO.
The deal will be funded by Vulcan Industries issuing 123,307,433 new ordinary shares 24,661,486 vendor warrants.
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Swindon-based Aftech specialises in the laser cutting, bending and forming of sheet metal with the acquisition expected to have an immediate impact on Vulcan Industries bottom line.
Ian Tordoff, Executive Chairman, said: "We are delighted to be working with Unity Group who have introduced Aftech. Aftech are already showing the benefits we expect them to bring to the Vulcan Group and will head the development of our fabrication activities ”
For the year ended 30 November 2021 Aftech reported unaudited revenue of £1,182,000 and unaudited normalised EBITDA of £266,000.
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