Codan completes acquisition of Minelab

Remote-area communication equipment firm Codan Ltd on Friday completed its $70.5 million acquisition of Australian-based metal detection and electronics business Minelab Electronics Pty Ltd.


The acquisition, which was debt funded, is expected to be earnings per share positive for Codan in the 2008/09 financial year and beyond.
The Minelab businesses are forecast to generate between $9 million and $10 million of earnings before interest, tax, depreciation and amortisation (excluding integration costs) and $47 million to $50 million of revenue in the year to 30 June 2008.
"Minelab adds the growing global consumer leisure market to the markets Codan currently serves, and also brings relative strength in global military markets for landmine detection - a particular strength that Codan will leverage as it enters military markets for its HF (high frequency) radio products," Codan chief executive Mike Heard said.
"Aid and humanitarian customers across many countries require both communications and mine detection equipment."
Codan shares were steady at 94 cents at 1525 AEDT on Friday.

Von:, 29.02.2008

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