RICHMOND, B.C. — International Technologies Corp., a Richmond, B.C.-based electronics manufacturer, says it has struck a deal to acquire 100 percent of its manufacturing partner, MPIO International Co. Ltd. in South Korea.
The pricetag of the deal, announced late Thursday, was not disclosed.
The transaction gives International, also known as ITC, exclusive ownership and rights to all MPIO manufacturing, branding and sales accounts around the world, the B.C. company said.
The purchase price is a combination of cash and stock and the deal is expected to close by May.
''We have worked alongside MPIO as our manufacturing partner since 2003 and the time has come to become one entity realizing cost synergies and accessing regions that offer the greatest growth outside of North America,'' said Michael Uhm, president and CEO of ITC.
''This is an incredible opportunity to gain market share around the world while adding tremendous value to our top and bottom line. We intend to execute our expansion strategy aggressively this year and return to a position of strong financial performance.''
MPIO provides popular digital MP3 audio devices, portable music players and other digital consumer electronics to manufacturers, distributors and end users in Asia.
International Technologies is a global supplier of digital audio, multi-media, home entertainment, flat screen monitors and televisions and other electronics products.
The Canadian company holds the exclusive rights to distribute MPIO products to the North, Central and South American markets in addition to Mexico and Australia.
