AVX Subsidiary Signs Agreement to Acquire KUMATEC
The purpose of the partnership is reportedly the development, marketing, and supply of hydrogen fuel generation and delivery solutions, as well as other related services.
AVX Corp. recently announced that its AVX Interconnect Europe GmbH subsidiary has signed a definitive agreement to acquire KUMATEC Sondermaschinenbau & Kunststoffverarbeitung GmbH. KUMATEC develops, constructs and manufactures automation equipment, and processes plastic components.
Included in the purchase is KUMATEC’s 50% interest in KUMATEC Hydrogen GmbH Co. KG, which was recently spun out of KUMATEC. The purpose of the partnership is reportedly the development, marketing, and supply of hydrogen fuel generation and delivery solutions, as well as other related services. After closing, the partnership will be renamed AVX/KUMATEC Hydrogen GmbH Co. KG.
“The acquisition of KUMATEC and our joint venture in the hydrogen business is an exciting opportunity for AVX which will provide us additional manufacturing capabilities and new business opportunities,” said John Sarvis, president and CEO of AVX.
In accordance with the share purchase and transfer agreement, AVX will acquire all of KUMATEC shares for a consideration of Ɛ12.5 million (approximately $15.4 million). The transaction, which is subject to regulatory approvals and other conditions that are customary for transactions of this type, is expected to close by the end of April.