Tuesday, Napco Security Systems Inc. (NSSC), a security and protection services company, announced the acquisition of Marks USA, an independent manufacturer of industrial, commercial and institutional locks. The purchase value for business and substantially all of the assets were $25 million and the assumption of current liabilities. The company expects the acquisition to add approximately $25 million to yearly revenue and to be immediately accretive to Napco's per share results.
The company said the acquisition was funded with a term loan from its principal lenders.
Marks USA is located in Amityville, New York, and its yearly revenue for its fiscal year ended July 31, 2008 approximates $25 million. George Marks is expected to remain President of Marks USA, which will operate as a subsidiary of Napco.
Richard Soloway, Napco's President and chief executive officer said, "The combined annual revenues of the companies are anticipated in excess of $90 million generating excellent profits. As the synergies and integration of the combined companies take hold, this should provide a springboard to even further enhancements to our profitability."
NSSC stock is currently trading at $4.41 on the Nasdaq.
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