London-based holding group Laird Plc has splashed out 20.9m pounds for Mimtec Electronics Group Plc to enable it to build computers from start to finish. Prior to the acquisition, the company’s computer division, Fullatron Computer Industries made the hardware chassis for computers, before passing them on to Mimtec to insert the electronics components and then shipping them. Fullatron ships the systems to major OEMs including IBM Corp and Compaq Computer Corp. Now Mimtec, which is likely to have its name changed to Fullarton in the future will be part of the process from the word go. Under the terms of the agreement Laird will pay 2.3m pounds in cash and the remaining 18.6m pounds on the assumption of established net debt and the repayment of Preference shares. Fullatron, based in Kilwinning, Scotland employs some 2,500 staff at offices in Europe, the US and the Far East and will now add Mimtecs 1,500 staff to the payroll. Gary McRae, Lairds corporate development manager said the acquisition came about after the company approached Mimtec, and said he expects the purchase to produce significant earnings. McRae believes the advent of the full assembly of personal computers and related products is becoming an increasing trend among a great many organizations.
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