Volex acquires Irvine Electronics, Inc.
Volex has signed a share purchase agreement for the acquisition of the entire issued share capital of Irvine Electronics, Inc. for a total consideration of USD 16.4 million.
Founded in 1990, Irvine is a US based manufacturer of electronic solutions supporting long-term projects in the defence sector with other significant customers in aerospace, medical and complex industrial technology sectors. It has a 50,000 square foot manufacturing site in Irvine, CA which provides capacity for growth and is accredited to stringent international quality standards. The acquisition "strengthens Volex’s existing profile in North America, adding further capabilities and capacity in California to complement the Group’s existing operations in Washington state and Mexico", a press release states. Commenting on the acquisition, Nat Rothschild, Executive Chairman of Volex said, “”The acquisition of Irvine increases our geographic coverage and technical capabilities in the key North American market. Our strategic intent is to develop Volex’s presence in the defence and military aerospace markets, adding further blue-chip customers involved in long-term programmes and partnerships. With advanced manufacturing located in Southern California, in the center of one of the most dynamic electronics manufacturing environments in North America, Irvine will enhance our footprint, further complementing our total integrated manufacturing solutions strategy and strengthening our global capabilities in new and existing markets.”