SINGAPORE - Electronic components maker Innovalues Precision is in talks to acquire an Asian-based rubber parts maker, in a bid to boost its automotive components business, a senior executive told Reuters.
Innovalues, which has a market value of about US$83 million, makes precision-machined parts for automobiles, printers and hard disk drives. Its automotive customers include German car parts maker Robert Bosch GmbH and the car electronics unit of German engineering conglomerate Siemens, Siemens VDO. It also sells to printer maker Hewlett-Packard Co, as well as Japan's Minebea, which produces spindle motors for hard disk drive makers Seagate Technology and Western Digital.
'We're in discussions to acquire a company specialising in rubber technology, which would help us penetrate the Japanese automotive market,' Innovalues Business Director Steven Pung told Reuters in an interview.
Chief Financial Officer Soh Wai Kong said while the firm would fund its capital spending needs with internal cash, it was considering a share placement, bank debt and/or convertible bonds to finance its acquisitions. -- REUTERS
