By Phil Boeyen, ShareChat Business News Editor
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Wednesday 1st May 2002 |
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The company says it plans to buy a leading importer and distributor of diesel fuel injection and turbocharger replacement parts called Diesel Distributors Limited (DDL).
Hellaby says the deal is subject to independent due diligence by accountants KPMG and the price is supported by an independent appraisal by KPMG Corporate Finance.
MD David Houldsworth says DDL will continue to be run as a stand-alone business under its existing management and would complement the company's existing automotive and related businesses.
Hellaby director Tur Borren and Greg Horne, CEO of Hellaby subsidiary Brake and Transmission, each own 40% of DDL but the company says that because the gross value of assets being acquired is below 5% of shareholders funds the deal does not require shareholder approval.
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