(Alliance News) - The Sabaf Group, through its subsidiary Sabaf America Inc. on Friday signed a contract to purchase 51 percent of Mansfield Engineered Components LLC , a U.S.-based company based in Mansfield, Ohio, and the leading North American manufacturer of hinges for household appliances, designed and manufactured to meet the high quality levels and demanding standards required by the U.S. market.

The finalization of the transaction took place simultaneously with the signing of the acquisition agreement.

The agreements reached provide for a valuation of MEC of USD21 million. The payment of the price for the acquisition of 51 percent of the share capital, amounting to EUR10.5 million was made in one lump sum.

Sabaf closed Friday's session in the green by 1.7 percent at EUR15.78 per share

By Maurizio Carta, Alliance News reporter

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