DiscoverIE buys Magnasphere Corp for $22m

Electronics maker discoverIE Group said it had bought US-based Magnasphere Corporation for $22m (£19.1m).

Magnasphere makes magnetic sensors and switches for industrial electronic applications. DiscoverIE said the acquisition is expected to be immediately accretive to group underlying earnings and underlying operating margin.

The business, which is currently majority owned by management, is based in Waukesha, Wisconsin, with manufacturing facilities in Goshen, Indiana.

Revenues for the year to December 31 2021 were $6.8m (£5.7m) with a reported pre-tax profit of $1.9m (£1.6m), and an operating margin of 28%.

Reporting by Frank Prenesti for Sharecast.com