Reykjavik (IFN) Icelandic food processing solutions company Marel has agreed to acquire UK-based food equipment manufacturers AEW Thurne and Delford Sortaweigh, Marel said on Monday.
Marel will pay owner, holding compnay AEW Delford Group Limited, GBP13.55 million or EUR19.46 million on a debt free, cash free basis for the assets and operations of the two companies.
The acquisition will be funded with equity and the proceeds from a recent ISK6 billion bond issue, which was completed last week, the company said.
The main product categories of AEW and Delford are equipment for high speed slicing, check weighing and weigh price labeling and robotic systems.
The acquisition of AEW and Delford is the first step in the implementation of the strategy Marel announced in February 2006 to become one of the leading global manufacturers of food processing equipment and to triple annual revenues in the next three to five years.
Icelandic Financial News (IFN) is available on Factiva, a joint venture between Reuters and Dow Jones Newswires, FT.COM, LexisNexis, Comtex, Gale and Thomson via the Nordic Business Report.