U.K.-based Volex, a manufacturer of standard and custom cable assemblies, reports that it has agreed to buy cable harnesses maker Silcotec for just shy of £16 million.
Per multiple media reports, the cash and stock deal will enable Volex to continue its mission to further consolidate what was described as the “highly fragmented cable assembly industry.” A few weeks earlier, Volex bought U.S.-based MC Electronics, a peer, in an all-share deal worth up to £2.6 million.
Based in Ireland, Silotec offers cables, assembles and box builds for the medical industry. Per the company’s website, it has a Centre of Manufacturing Excellence in Komarno, Slovakia. “Silcotec Europe can accommodate almost every sub contract manufacturing need. With 65,000 sq ft in Slovakia and the skilled teams within it we consistently adopt, adapt and improve our manufacturing systems to meet individual client needs.”
“This acquisition is an important step in expanding our Cable Assembly activities in Europe,” Volex Chairman Nat Rothschild said.