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International Beryllium expands business through US$10.5 million acquisition of U.S. company |
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Thursday, 02 October 2008 |
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Vancouver's International Beryllium Corp. (TSX-V:IB) plans to acquire Nonferrous Products Inc., a profitable and growing beryllium metalworking and specialty alloy processing company, for US$10.5 million. According to the deal, IBC will buy the Indiana-based company with a combination of US$6 million in cash and US$3 million in debt and $1.5 million in common shares of IBC. The acquisition will more than double IBC's annual revenue. In 2007, Nonferrous Products had revenue of US$11.4 million from the production and sale of custom copper-beryllium and copper-bronze alloys. It provides tooling components for the North American automotive industry and plastic mould producers and electronic component manufacturers in Asia, Europe and North America. Nonferrous is also an approved vendor to the U.S. Navy. IBC's share price range during the past week: between $0.17 and $0.21; 52-week high: $0.98; 52-week low: $0.13.
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