Sterlite Tech to acquire European Specialised Optical Cable Manufacturer to expand global presence
(firmenpresse) - Pune, India - July 06, 2018: Sterlite Tech [BSE: 532374, NSE: STRTECH], an end-to-end global technology leader in smarter digital networks, today announced the signing of definitive agreements for acquisition of a European specialised optical cable manufacturer based in Italy.
Sterlite Tech, through its wholly owned Italian subsidiary Sterlite Technologies S.p.A, will acquire 100% stake in Metallurgica Bresciana S.p.A (Metallurgica).
Metallurgica designs and manufactures special precision optical fibre cables and specialised copper cables for various communication applications. The target firm is a privately held company focused on bringing specialised cabling solutions for various network applications across industry segments.
The acquisition is an all cash deal for approximately Euro 47 million, which is being funded through a combination of Euro debt instruments and internal accruals. Metallurgica reported a revenue of Euro 48.7 million and net income of Euro 4.2 million at the close of CY17. The transaction is EPS accretive from day one and the deal is expected to be closed in the coming two weeks.
The acquisition will significantly expand Sterlite Tech''s market presence in Europe. It will bring new tier-1 customers, augment product portfolio, and enhance flexibility and ability to better serve the European market.
"We are delighted to sign a definitive agreement for the acquisition of Metallurgica Bresciana, which will expand Sterlite Tech''s optical fibre cabling business by augmenting our access to key European markets and adding highly complementary speciality cables to our products portfolio," said Dr Anand Agarwal, CEO of Sterlite Tech. "This acquisition aligns with our global supply chain strategy of having cabling facilities in close proximity to our key customers to serve their needs for next-generation networks."
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About Sterlite Technologies:
Sterlite Technologies Ltd [BSE: 532374, NSE: STRTECH], is a global technology leader that designs, builds and manages smarter digital networks. Sterlite Tech engages with customers in more than 100 countries, with a digital web-scale offering across products, services and software. The Company has global scale manufacturing facilities in India, China & Brazil and two Software Delivery Centres in India. Sterlite Tech is home to India’s only Centre of Excellence for broadband research and Centre for Smarter Networks for next generation network applications. Projects undertaken by the company include intrusion-proof smarter data network for the Armed Forces, rural broadband for BharatNet, Smart Cities’ development, and establishing high-speed Fibre-to-the-Home (FTTH) networks. For more details, visit www.sterlitetech.com
Contacts:
Corporate Communications
Sumedha Mahorey
Phone: +91. 22. 30450404
Email: sumedha.mahorey(at)sterlite.com
Investor Relations
Vishal Aggarwal
Phone: +91.20. 30514000
Email: vishal.aggarwal(at)sterlite.com
Datum: 06.07.2018 - 10:08 Uhr
Sprache: Deutsch
News-ID 1538194
Anzahl Zeichen: 1938
contact information:
Contact person: Samantha Wiles
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Phone: 01522883640
Kategorie:
Cable & Satellite Services
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