(Corrects currency to pounds, not dollars, in headline,
paragraphs 1 and 4)
March 10 Aircraft parts and auto components
maker Senior Plc said it acquired Malaysia-based UPECA
Technologies, a high-precision components maker, for 75.5
million pounds ($126.2 million)including debt to expand in the
South East Asian region.
The deal will add to its earnings immediately, Senior said.
Shares in the company were up 3.5 percent at 300 pence in
early trade, making it one of the top percentage gainers on the
FTSE Midcap Index.
Senior said it would pay 58.2 million pounds in cash and the
rest would be assumed as net debt.
The deal will strengthen Senior's aerospace and energy
market presence in the increasingly important region, Chief
Executive Mark Rollins said in statement on Monday.
Rollins told Reuters earlier this month that Senior was
focusing on Asia, particularly India and China, and could spend
about 150 million pounds to buy other companies.
"Evidently, (the) management has been upbeat in respect of
the outlook for the aerospace sector in South East Asia, and
when combined with the group's Thailand facility, there is
considerable momentum in this region," said Jefferies & Co
analyst Andy Douglas in a note to clients.
UPECA reported sales of 28 million pounds for the year ended
March 31, and trading profit before interest, tax and
depreciation of 6.3 million pounds.
UPECA generates one-third of its total revenue from the
aerospace market and two-thirds from energy, oil and gas
business. The company has two plants in Malaysia and another one
($1 = 0.5981 British Pounds)
(Reporting by Aashika Jain in Bangalore; Editing by Gopakumar