Building and packaging products supplier Ensor surged 30% this morning after announcing the acquisition of a 90% stake in security products group Technocover for a nominal amount.
Technocover registered sales of £10.3m and an operating profit of £0.29m in the year ended August 31st. Since then, the firm has been reorganised "which, although eliminating its trading profit, has resulted in an underlying profitable, but under-capitalised business," Ensor said. Ensor will inject £1m of cash in Technocover to complete the reconstruction.
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