UK-based adhesive manufacturing company Norcros plans to acquire South African plumbing material supplying company RAP Plumbing Supplies Proprietary Ltd. for 12 million pounds ($15.4 million).
Norcros has entered into a conditional agreement to buy 100 percent of the share capital of RAP Plumbing Supplies.
About $12.4 million will be paid in cash at the close of the transaction and up to an additional $3 million may be payable in two years via an earn-out mechanism.
The deal will be financed entirely from local cash resources and existing facilities.