MTA - Metair Investments - Metair Acquires The OEM
MTA
MTA
MTA - Metair Investments - Metair Acquires The OEM Automotive Plastics
Operations Of Control Instruments
METAIR INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Reg no: 1948/031013/06)
JSE code: MTA
ISIN: ZAE000090692
("Metair Investments")
Metair acquires the OEM automotive plastics operations of Control Instruments
Vehicle component manufacturer Metair Investments Limited today announced the
acquisition by its subsidiary, Smiths Plastics (Proprietary) Limited of the
Original Equipment Manufacture ("OEM") automotive plastics operations of Control
Instruments Group Limited ("Control Instruments") for a cash consideration of
R19.5 million plus an adjustment for stock, debtors and creditors.
These operations, namely Ariston and Specialised Plastics Engineering ("SPE")
are divisions of Control Instruments` subsidiary, Pi Shurlok Engineering
(Proprietary) Limited ("Pi Shurlok"), and are based in Port Elizabeth, East
London and Uitenhage.
Theo Loock CEO of Metair commented: "We are delighted to have reached an
agreement to acquire these automotive plastics operations. It will expand the
reach of Smiths Plastics and put in place a strong growth platform for our
combined businesses from where we can pursue further attractive growth
opportunities in the continuing consolidation of the industry."
The Sagercy plant of Pi Shurlok remains with Control Instruments.
It is expected that the sale will be effective from 1 March 2008, subject mainly
to the approval of the Competition Commission.
These transactions are not classified as category transactions in terms of the
JSE Limited Listings Requirements, therefore this announcement is voluntary.
Shareholders are referred to the announcement by Control Instruments released
today.
Johannesburg
29 November 2007
Enquiries
Metair Investments 011 646 3011
Theo Loock 082 900 1376
College Hill 011 447 3030
Johannes van Niekerk 082 921 9110
Date: 29/11/2007 16:33:03 Produced by the JSE SENS Department.
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