BOULDER, Colo. (AP) — Industrial metalworking company Dynamic Materials Corp. said Friday it bought DYNAenergetics, a Germany-based manufacturer of clad metal plates and various explosives-related oil-field products.
Dynamic Materials valued the deal at about $96.6 million, exclusive of transaction costs, and said it was completed for $83.4 million in cash and 251,041 shares of Dynamic Materials common stock.
Based on Dynamic Materials' Thursday closing stock price of $52.29, the shares are worth about $13.1 million. Dynamic Materials also assumed about $2.8 million of DYNAenergetics debt.
DYNAenergetics recorded sales of about $73.3 million for its fiscal year ended Sept. 30.
Rolf Rospek, 49, DYNAenergetics' chief executive since 2001, will continue to serve in that position and was named to the Dynamic Materials board.
In connection with the deal, Dynamic Materials said it entered into a credit facility worth about $100 million. The company said it borrowed about $65 million under the new facility to fund part of the purchase price.
Dynamic Materials shares rose 63 cents to $52.92 in morning trading.
