Vulcan Steel Limited signed a conditional sale and purchase agreement to acquire Ullrich Aluminium Co Limited from Gilbert Ullrich for approximately NZD 170 million.

Vulcan Steel Limited (ASX:VSL) signed a conditional sale and purchase agreement to acquire Ullrich Aluminium Co Limited from Gilbert Ullrich for approximately NZD 170 million on July 22, 2022. The NZD 165 million transaction price û the enterprise value - comprises the purchase of the business for projected net tangible assets of NZD 131 million and net debt within Ullrich of NZD 34 million (both of which are subject to finalisation of accounts through to July 31, 2022). Note the projected NZD 34 million debt includes working capital, to be reduced, which will be funded by deferred settlement of NZD 20 million for the transaction in 1H 2023.

In the financial year ended March 31, 2022, Vulcan recorded NZD 270 million in revenue and NZD 49 million in EBITDA. Vulcan expects the Transaction to be NPAT and earnings per share accretive in FY23.