Kuroda Precision Industries Ltd. (TSE:7726) agreed to acquire Jenaer Gewindetechnik GmbH, Jena Tec Inc and Jena Rotary Technology Ltd from Avingtrans plc (AIM:AVG) for £13.5 million in cash on November 5, 2012. Jena Rotary Technology reported revenue of £11.8 million, earnings before interest and taxes of £1.3 million and gross assets of £12.6 million during the year ended May 31, 2012. The transaction is expected to complete on November 8, 2012.

The proceeds of the sale will be used to invest further in the growth of Aerospace and Energy & Medical Divisions and to reduce debt. Marc Young and Henrik Persson of finnCap Ltd acted as nominated financial advisor and Broker and Josh Royston of Newgate Threadneedle acted as public relations advisor for Avingtrans plc. Jason Daniel, Ed Baker, Nick Ramage, Rachel Lewis, Makiko Yamamoto, Zoe Feller, Frank Hollstein, Rechtsanwalt and Volker Holl of Simmons & Simmons acted as legal advisors for Kuroda Precision Industries.

Nobuyuki Watanabe and Yu Hosaka of TMI Associates acted as legal advisors for Kuroda Precision Industries. Ian P Wilson and Simon Clewlow of Grant Thornton UK LLP acted as accountant for Avingtrans.