EANS-Adhoc: Balda AG / Balda extends its presence in the USA through acquisition of HK Plastics Engineering, Inc.

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Mergers - Acquisitions - Takeovers/Company Information 29.12.2012

Bad Oeynhausen, December 29, 2012 - Balda, a producer of high-quality plastic products for the medical and electronics industries, has agreed the purchase of 100 percent of the shares of HK Plastics Engineering, Inc., Oceanside, California, effective as of December 31, 2012. Through this acquisition, the group extends its presence in the strategically-important US market and particularly strengthens the medical segment. The purchase price amounts to a higher single-digit range (EUR million). It will fully be financed with the existing liquidity of the Balda Group. The sellers are the families of the founders.

HK Plastics Engineering, Inc. is a full-service supplier of injection-molded plastics and the associated molds. The company, which was founded in 1974, operates a production facility at its headquarters in Oceanside and employs around 80 people. HK Plastics Engineering, Inc. expects revenues of around USD 15 million (approx. EUR 11.5 million) and positive operating earnings (EBITDA) for calendar year 2012. More than 80 percent of its revenues come from medical customers, especially in the area of medical diagnostics.

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(END) Dow Jones Newswires

   December 29, 2012 03:41 ET (08:41 GMT)- - 03 41 AM EST 12-29-12