As part of JSE-listed Hudaco Industries’ key strategy to pursue the acquisition of new businesses in similar fields of activity, the company has signed an agreement to acquire the Dunford Group.
Hudaco would spend a maximum of R154.3-million for the group of businesses, which comprised Dosco Precision Hydraulics, Gear Pump Manufacturers, Joseph Grieveson and Engineering Technology Services.
The company said Dunford, whose main areas of interest were the machining, repair and sale of hydraulic pumps, and the production of ferrous and nonferrous castings, was an “ideal fit”, as it focused on selling industrial products – an area of core competency for Hudaco.
“We will be able to use our experience and expertise in these markets to enhance Dunford’s position, resulting in long-term benefits to shareholders,” Hudaco said in a statement.
The transaction remained subject to various approvals.