HDC - Hudaco Industries - Announcement Regarding The Astore Acquisition
HDC
HDC
HDC - Hudaco Industries - Announcement Regarding The Astore Acquisition
HUDACO INDUSTRIES LIMITED
(Incorporated in the Republic of South Africa)
Registration Number 1985/004617/06)
Share Code: HDC ISIN: ZAE000003273
("Hudaco")
Announcement regarding the Astore acquisition
Hudaco announces the acquisition of the operating assets of Astore Africa and
its associates with effect from 1 February 2008. The purchase consideration is
R115 million, of which R20 million is deferred for two years and payment is
dependent on the achievement of future profit targets.
Astore Africa`s main business is the import and distribution of quality branded
thermoplastic pipe fittings, valves and pipes to local industry. With 9 branches
in South Africa, Astore Africa services all industries requiring specialised
fittings, including agriculture, mining, construction, manufacturing as well as
certain specialised customers in food and pharmaceutical production.
Growth in these industries is expected to continue for some years and Astore
Africa`s technical expertise in its specialised areas fits well with Hudaco`s
business model of value added distribution.
This announcement has been made for the information of shareholders and is
voluntary in terms of the JSE Limited`s Listings Requirements.
29 January 2008
Johannesburg
Sponsor
Nedbank Capital
Date: 29/01/2008 15:29:05 Produced by the JSE SENS Department.
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