Scoop has an Ethical Paywall
Skellerup buys Auckland foam firm for $6.5 million
By Paul McBeth
April 29 (BusinessDesk) - Skellerup Holdings has bought Auckland-based Nexus Foams for about $6.5 million, which it says will immediately boost the group's earnings.
The deal is expected to close tomorrow, with Skellerup acquiring the Nexus business and assets. Nexus was founded more than 20 years ago by engineer Nick Davenport, whose family interests own the company. It develops high-performance foam and soft material components.
Skellerup executive director David Mair said the Nexus acquisition will complement the company's Ultralon foam range, used in marine, sporting and orthotic products, and be immediately earnings accretive.
"Nexus has a leading market position supplying custom foam products for health, electronics, appliance, construction and comfort applications. Nexus has long established relationships with key international customers and suppliers," he said.
Skellerup's foam products fall under its industrial division and were noted as boosting sales into the international marine leisure boat market in the six months ended Dec. 31. Skellerup's industrial division lifted sales 6 percent to $78 million in that period.
The company's shares rose 0.9 percent to $2.20 in early trading, and have gained 8.9 percent so far this year.
(BusinessDesk)
ends
UN Department of Global Communications: United Nations Proposes New Global Dashboard To Measure Progress Beyond GDP
Banking Ombudsman Scheme: Fraud Check Delays Well Worth The Inconvenience, Says Banking Ombudsman
Asia Pacific AML: NZ’s Financial Crime Gap - Beyond The 'Number 8 Wire' Mentality
Westpac New Zealand: Kiwi Households Adapting Despite Widespread Cost Pressure Concerns, Westpac Survey Shows
University of Auckland: Kids’ Screen Use Linked To Long-Term Deficits In Self-Control And Attention
University of Auckland: Research To Address Equity In STEM For Māori, Pacific And Female Students
