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Collegno (TO), January 23, 2007 – Prima Industrie, leader company in the high-technology sector of laser systems and sources for industrial applications, with know-how in the industrial electronics field, listed on the STAR segment of the Italian Stock Exchange, through its fully controlled subsidiary Prima Electronics S.p.A., announces today the acquisition of the entire share capital of M.L.T.A. S.r.l. (located in Nichelino – Turin), a company with strong competences in the power electronics sector, at present supplier of sophisticated components for the laser sources manufactured by Convergent Lasers (a division of the U.S. subsidiary Prima North America).
In particular Prima Electronics, which already owned 57.84% of the M.L.T.A. capital, bought from the other shareholders the remaining shares (42.16% of the capital) paying a price per share of 3.80 euro (face value is 0.52 euro per share), with a total cash out of almost 144 thousand euro. The payment was entirely set out by cash today.
The price agreed corresponds to an overall company evaluation of almost 340 thousand euro, resulting from a six times multiple on expected EBITDA net from the expected net financial position.
Established in 1982, M.L.T.A. operates in the power electronic field and has a reference list of high standing customers in railways, nautical and automotive sectors. The last approved annual report as at Dec. 31, 2005 showed revenues for 1,793 thousand euro, with EBITDA and EBIT amounting respectively to 114 and 60 thousand euro. According to 2006 preliminary results, revenues for the year are due increasing to over 2,100 thousand euro (of which almost 650 thousand euro towards Prima Electronics and almost 30 thousand euro towards the rest of the Group), and EBITDA and EBIT are expected respectively up to 140 thousand euro and 100 thousand euro. Net financial position is expected at almost –480 thousand euro.