Industrial distributor Hudaco on Wednesday reported buying the assets and liabilities of imported battery group Deltec Power Distributors, as well as Proof Engineering.
Hudaco would pay R41.5-million for Deltec and a maximum of R25-million for Proof Engineering, depending on the average profits over a three-year earn-out period.
The company expected to operate Proof Engineering as a division within Hudaco subsidiary Powermite.
Deltec distributes imported maintenance-free batteries and Proof Engineering supplies flame- and explosion-proof cable connectors and explosion-proof light fittings, mostly to the mining industry.
“Deltec is an ideal fit for Hudaco in that it focuses on selling to the automotive, standby and mining industries, which is an area of core competency for Hudaco,” the company said in a statement.
Edited by: Mariaan Webb
Creamer Media Senior Researcher and Deputy Editor Online
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