TORONTO, Canada — December 31, 2010 - The EDAC Group of Companies, a global leader in the design and manufacture of interconnect products, announced today that it has completed its acquisition of MH Connectors Ltd. a global leader in the design and manufacture of D-Sub Connectors, Hoods and various interconnect products.
"The completion of this acquisition represents a significant step for EDAC in our strategy to accelerate growth in our core businesses," said Adrian Robinson, President and Chief Executive Officer of EDAC. "Today, we significantly increased the depth and breadth of our product offering, by welcoming highlyЃ]trained people from MH; individuals who know the marketplace and our products, and who already have existing client relationships. As a result of the acquisition, we also now have a greater presence in targeted international markets, where we see significant opportunities for growth, as well as greater coverage in several key industries."
Mr. Robinson continued: "This is a well respected and successful brand within the Interconnect Industry. We are now squarely focused on quickly seizing the attractive opportunities this transaction has created for us to increase topЃ]line growth as well as achieving significant cost synergies in general and administrative expenses. With the MH acquisition now complete, EDAC is a stronger, more broadly based company than ever before, with increased capacity to reach new customers and the ability to provide current and future customers, enhanced products and services. We are looking forward to delivering on the promise of this acquisition and to building value for our stakeholders."
Under the terms of the transaction, the EDAC Group acquired MH Connectors LTD. UK, France and Asian business units for an undisclosed amount.
About EDAC Group
The EDAC group of companies are global leaders in the design and manufacture of interconnect products. EDAC serves more than 7000 clients directly and through distribution partners globally. The Company's businesses consist of EDAC, Norcomp (www.norcomp.net), Communication Devices and now MH Connectors (www.mhconnectors.com). Founded in 1965, EDAC is headquartered in Markham, Ontario Canada and has operations in Europe, the Americas and Asia. For more information, visit www.edac.net.