Grand Venture to Acquire ACP Metal Finishing

Grand Venture Technology Limited (杰纬特 科技有限公司, "GVT" or "Group"), a leading provider of manufacturing solutions and services, has announced an offer to acquire 100% of the issued and paid-up capital of ACP Metal Finishing Pte Ltd ("ACP"), a Singapore-based surface treatment company, for a total consideration of SGD 17 million. Ricky Lee, Deputy Chairman of the GVT Board of Directors: "We are excited to bring ACP and its surface treatment capabilities into the GVT family. With ACP joining us, we aim to deepen our penetration in the aerospace and front-end semiconductor segments, harmonise our capabilities across facilities, and deliver integrated solutions across customer segments and geographical markets. This will help us advance toward our long-term goal of becoming a leading global precision manufacturing company with sustainable growth." ACP is a leading provider of specialised electroplating and surface treatment services that involve the cleaning and coating of a component's surface to prevent corrosion and reduce wear and tear. It has particular expertise in providing various electrochemical and chemical treatment services for coating a wide variety of metals. ACP's customer base comprises precision engineering manufacturers in the aerospace, life sciences, optics, medical and semiconductor industries. It is accredited by numerous aerospace bodies including the National Aerospace and Defence Contractors Accreditation Program (NADCAP), Federal Aviation Administration (FAA), Civil Aviation Authority of Singapore (CAAS) and European Union Aviation Safety Agency (EASA), and is among the few companies in Asia with NADCAP and FAA certifications at a single facility. The acquisition offer aligns with GVT's strategy of offering a comprehensive one-stop service package alongside its existing capabilities in ultra-precision machining, sheet metal fabrication, mechatronic assembly and testing. The company will thereby be able to reduce its dependence on external parties for surface treatment services. The Group also plans to accelerate business growth through access to ACP's capabilities, customer base and markets in Southeast Asia. GVT will have the opportunity to expand its customer touchpoints in the aerospace and space segment from its existing market in China to include Singapore and the region. Additionally, the Group will be better positioned to build a specific advantage in the front-end semiconductor segment and enhance its own in-house precision cleaning capabilities. The acquisition offer is subject to approval by GVT shareholders at an extraordinary general meeting to be convened in due course. Source