Mpac acquires SIGA Vision for undisclosed sum

15th Aug 2024 10:16

(Sharecast News) - Packaging and automation solutions business Mpac Group said on Thursday that it had acquired UK-based machine vision solutions firm SIGA Vision for an undisclosed sum.

Mpac stated the acquisition provided vision solutions on its packaging machines, as well as providing aftermarket support to its customers, and also offered it a platform from which it can provide "fully integrated support" to its existing and future customers with vision-related solutions, a key component in full line packaging automation.

The AIM-listed group stated that acquisition size was "immaterial" in the context of the group and was "significantly below" the thresholds for a substantial transaction for the purposes of the AIM Rules for Companies.

Chief executive Adam Holland said: "I am delighted that we have been able to acquire SIGA, a leader in its field that has been a partner to Mpac for many years. The solutions provided by SIGA are critical to our customers' operations and we look forward to welcoming SIGA into Mpac Group as we further develop our business, global customer support and technology offering."

As of 1015 BST, MPAC shares were up 0.36% at 456.62p.

Reporting by Iain Gilbert at Sharecast.com