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Volex, the global supplier of integrated manufacturing services and power products, has announced a 51% majority equity investment in inYantra Technologies for $8.0 million (the "Equity Investment") and the purchase of 13.5 acres of industrial land, which includes 3.5 acres of land and the operational buildings used by inYantra, in Pune, India (the "Property Purchase") for $5.0 million. The Equity Investment and Property Purchase consideration, totaling $13.0 million, will be satisfied in cash on completion from the Company's existing debt facilities. The Equity Investment and the Property Purchase are expected to complete in the next few weeks.
Nat Rothschild, Executive Chairman of Volex, commented:
"This transaction offers an excellent strategic opportunity to expand our global footprint, which is consistent with our strategy and will bring new and strengthened capabilities in the key Indian market. inYantra's existing business, along with the imminent development of a complex cable assembly capability, will improve our customer offering, supporting low-cost manufacturing for existing and new domestic and export customers. Volex sees a further opportunity to improve inYantra's margins by allowing inYantra to leverage the economies of scale from being part of a larger group."
Strategic Rationale
Transaction Highlights
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