Hills buys Audio Products Group for $15M

Company News

The company formerly known as Hills Holdings Limited, Hills Limited (ASX:HIL), will spend $15 million to buy the Audio Products Group.  
Hills says its latest acquisition is an established and successful Australian and New Zealand value add supplier of professional audio products. 
Audio Products Group was established in 1996 and forecast to generate annual revenue of about $26 million over the current financial year. 
Hills expects the business will be earnings per share accretive in the first full year once the transaction is complete on July 1, 2014.   
The acquisition is in line with Hills revenue growth strategy of bolt-on acquisitions which can be integrated into the company’s core business to realise synergies.  
Hills rebounded to a net profit of $15 million in the first half of the 2014 financial year.  

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