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Article: United States: TDK Agrees to Buy Epcos to Expand in European Market (Update3).
- Article from:
- TendersInfo
- Article date:
- August 1, 2008
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Byline: sanjayV03
TDK Corp., the world's largest maker of magnetic heads used in disk drives, agreed to buy Germany's Epcos AG to expand production of machinery parts and add customers in Europe.
TDK plans to pay 17.85 euros ($27.89) in cash for each Epcos share, or 29 percent higher than the closing price yesterday, the companies said in a statement. The offer, which values Epcos at about 1.2 billion euros, will probably be completed by October, the statement said.
Epcos's automotive and industrial components may help TDK boost sales in Europe, where revenue is less than half of Japan. TDK has announced at least five acquisitions since the ...