Summary of the transaction:
* Daniamant Ltd. (“Daniamant”) and McMurdo Ltd (“McMurdo”) have entered into an agreement whereby Daniamant has acquired the Survivor Location Lights business from McMurdo.
* The acquired assets include fully operational and equipped production facilities in Portsmouth. Daniamant has offered employment to the approx. 48 employees currently employed at the facility.
* The acquired assets include McMurdo’s technology and intellectual rights to all Lifebuoy Lights, Lifejackets Lights and Liferaft Lights.
* Kevin Rough, previously Operational Manager, has been appointed General Manager.
* The acquisition will enhance Daniamant’s wide range of commercial safety lights and create a strong European Survivor Location Light business.
Daniamant’s acquisition of the McMurdo lights business is aimed at strengthening the market position of the Company through further product development and by improving the Company’s competitive position in the Global market.
Daniamant’s Chairman of the Board, Mr. Per Staehr comments: “We are delighted to welcome our new colleagues in Portsmouth to the Daniamant Group and are looking forward to further developing our products and our position in the Market .”
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