SIMPEC's parent company WestStar Industrial Ltd (ASX:WSI) secures transformational acquisition of ALLTYPE Engineering, in a fully funded and all-scrip transaction.
This acquisition broadens WestStar’s horizons and will significantly accelerate it towards increased revenues and earnings.
WestStar Industrial is set to acquire Tier 2 steel fabrication provider ALLTYPE Engineering in a deal worth around $8.4 million.
The acquisition is powerful due to the scale and diversification it facilitates across a widened customer base.
ALLTYPE, an employer of around 120, boasts a steel fabrication capability from a 7000 square metres workshop, industrial maintenance services and a national delivery capability
This acquisition is also expected to deliver $1.6 million of cash on top of $3.8 million of property, plant and equipment assets to WestStar.