Magal acquire European security systems integrator for 6.8 million Euros

noreply@blogspirit.com () — Thu, 06 Sep 2007 15:25:00 +0200

Magal Security Systems acquire a European company involved in the installation and integration of security systems for 6.8 million Euros in cash and additional consideration that will be based on performance and will be payable over the next five years.

This acquisition is part the Magal's strategic plan to expand its activities in the integration field, particularly in countries with strong growth potential for the company's security solutions. The acquired company is active in geographic areas where Magal has limited activity.

"This acquisition serves as an important step in the implementation of Magal's overall strategic expansion plan of penetrating new territories and regions, while further expanding our solutions offering,” said Izhar Dekel, Magal CEO. “We believe that this acquisition increases our ability to offer our comprehensive security solutions to new customers by expanding our global footprint into new markets."

Magal has recently received an order for a turnkey project of approximately US$4 million from one of the leading oil and gas companies in the world, which its headquarters is located in Europe, to protect two gas pressure stations.

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Magal acquire European security systems integrator for 6.8 million Euros