Motor vehicle accessories company ARB Corporation (ASX:ARB)
is set to acquire a leading auto styling company in the UK called the Truckman Group for $39.3 million.
Truckman manufactures and distributes utility accessories and will provide ARB with exposure into Europe’s largest utility vehicle market.
The purchase includes the business operations of Truckman and a property from which the business operates and will be funded from ARB’s existing cash resources.
Shares in ARB Corporation (ASX:ARB)
are trading 1.63 per cent higher at $34.23.