Trifast Acquires Falcon Fastening In $8.3 Mln Deal

U.K.-based Trifast plc (TRI.L) on Wednesday announced the acquisition of North American specialist fastenings distributor, Falcon Fastening Solutions Inc. for US$8.3 million or 6 million pounds in cash.

The deal, part of the group's acquisition-led North America expansion strategy seeks to extend its global OEM customer base and presence in non-auto focus sectors.

Trifast which specializes in the design, engineering, manufacture, and distribution of high-quality industrial fastenings and Category 'C' components principally to major global assembly industries expects the deal to create strong presence for it in North America.

The deal which Trifast funded through the existing cash and financing facilities, is expected to add to its earnings in the financial year-ending 31 March 2022.

Shares of Trifast plc closed at 148 pounds on August 31.

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