Manufacturing company GUD Holdings (ASX:GUD) has entered into a deal to strengthen its automotive portfolio -- by acquiring the Innovative Mechatronics Group Pty Ltd (IM Group).
GUD has not revealed the purchase price, and it’s expecting this transaction to complete on 1 June 2017.
IM Group has been in business since 1983 and markets products and services under the brands Injectronics, RAE and Genuine OEM Parts. Its customer base includes automotive distributors Repco, Burson and Supercheap.
IM supplies range of engine management and electronic replacement parts – in addition to repairing and re-manufacturing automotive electronic components.
According to GUD, the IM Group generates $1 million in annual earnings before interest and tax, and has annual sales turnover of around $7 million.
This morning, GUD shares fell 0.25% to $11.83.