discoverIE Group to acquire Magnasphere for $22m.

discoverIE Group, a specialised electronic components manufacturer, agreed to acquire Magnasphere, an electrical, and electronics manufacturer, for $22m. "This acquisition of Magnasphere continues our strategy of building a differentiated, international, growth focused electronics Group with strong operating margins. The transaction brings another high quality business into discoverIE, which is accretive to both underlying earnings and margins, and strengthens our US footprint," Nick Jefferies, discoverIE Group CEO.