Austal buys ElectraWatch

Company News

by Anna Napoli

Global ship building company, Austal (ASX:ASB) has inked a deal to buy 100 per cent of ElectraWatch.

The cash consideration for the deal is US$6.75 million with no net debt.

ElectraWatch has developed a unique system for testing aluminum used in demanding environments.

The company is expected to have a 2018 revenue of US$2-3 million.

The shipbuilder says ElectraWatch will support and increase our range of services for key customer the US Navy.

Shares in Austal (ASX:ASB) closed down 0.56 per cent to $1.77 yesterday.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.