Live Ventures Inc LIVE announces the acquisition of Precision Metal Works, a Kentucky-based metal stamping and value-added manufacturing company, for $28 million.
The consideration comprises $25 million cash and an additional consideration of up to $3 million paid in the form of an earn-out.
This transaction strengthens Live Ventures' steel manufacturing segment reinforcing its strategic approach. The transaction is expected to be immediately accretive to earnings and will add $75 million to the annual revenue stream.
As of March 31, 3023, LIVE held $25.9 million of cash and availability under its credit facilities.
Live Ventures will retain PMW's existing management team and all its employees.
"PMW aligns wonderfully with our existing steel manufacturing operations and our long-term 'buy-build-hold' strategy. We expect not only increased demand due to manufacturers onshoring operations to the United States, but also synergies across our steel segment," commented Jon Isaac, President and CEO of Live Ventures.
Price Action: LIVE shares traded higher by 0.58% at $25.97 on the last check Monday.
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