LONDON (ShareCast) - (ShareCast News) - Carr's Group, the agriculture and engineering group, has acquired German engineering business STABER GmbH to open up the firm to more innovative products and cost savings.
The acquisition was for a total cash consideration of €7.85m. After adjusting for estimated net cash within the company at completion the firm will pay a net consideration of €6.75m.

STABER, formally called Städel GmbH, is located near the group's German operations in Markdorf.

Staber and the group's subsidiary Wälischmiller Engineering GmbH have been closely working together for over 50 years. The firm has been a key supplier of parts for the remote handling business.

STABER will be fully integrated into Wälischmiller over the next 18 months, enhancing efficiencies and providing technological growth opportunities across the remote handling business of the Group.

The acquisition will provide the group with specialised intellectual property (IP) relating to high quality, niche robotics and design technology. The IP will also advance Wälischmiller's ongoing product development in the global nuclear, oil & gas and defence industries. To ensure the successful integration and transfer of the intellectual property (IP), €2m of the total consideration will be deferred, until 31 June 2018.

Chief executive Tim Davies said: "Carr's will benefit from the introduction of new technologies into the group as well as the operational synergies that will come from this acquisition. This purchase is fully aligned with the Engineering division's growth strategy of capitalising on the global resurgence of nuclear decommissioning as well as the use of robotic technologies in highly explosive environments. We welcome the STABER team to Carr's and look forward to working with them in the months and years ahead."

The share price rose 2.57% to 141.80p at 1611 BST on Tuesday.

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