PSM takes rival for £4.4m
PSM International Holdings, based in Bilston, has acquired manufacturing business BAS Components. The deal, worth £4.4m, was completed by PSM’s parent company, TT Electronics.
PSM distribues specially engineered components and fasteners.
Pembroke-based BAS Components manufactures and distributes fastener systems such as nuts, bolts and screws to the UK and overseas markets.
The entire share capital of the Pembrokeshire-headquartered business is included in the deal together with BAS Components Inc, a sales office based in the US.
The £4.4m sale price is subject to an adjustment following completion if the value of the total net assets included within the sale is less than £3.5m.
TT said the proceeds of the disposal will be used to reduce group borrowings.
PSM International Holdings is an investment company holding the PSM International group of companies which operates in the supply of fasteners to the automotive, mobile phone and general industrial markets.
TT chief executive Geraint Anderson said: "Following the recent announcement of the sale of WT Henley, I am pleased to report further progress in our strategic objective to realise value from the businesses within our general industrial division.
“The disposal announced today represents the fifth sale completed during the current year. Taken together, these disposals have generated approximately £22m in cash during 2010 and further focus the group on its core activities."
