| Official Announcement- Monday, 22 May 2017 |
| Hudaco - acquisition of Dished End |
| Hudaco has acquired the trading assets and liabilities of Dished End from 1 May 2017. The final total consideration, to be paid out of existing facilities and future cash flow, will depend on the average profits over a three year earn-out period, with an initial payment of R36m and a maximum of R79m. The company manufactures dished ends, which are the end caps on pressure vessels. These ends vary from 0.4m to 5.5m in diameter and from 4mm to 25mm in thickness. They are manufactured in various metals as required by the particular type of vessel. Dished End also offers the pressing and flanging of small conical sections and a range of single pressed weld caps. The transaction falls below the threshold for a category 2 transaction, which requires disclosure in terms of the JSE Ltd's Listing Requirements. However, Hudaco's board believes it is appropriate to inform shareholders of the transaction. |
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