22 Jul 2010

Rakon buys failed French aerospace firm

2:22 pm on 22 July 2010

Rakon has paid $717,000 for Temex, a failed French-based business, to boost its presence in the lucrative niche market of space and satellite components.

Rakon makes components for global positioning systems, mobile phones and the aerospace market.

Temex has been in the equivalent of bankruptcy protection.

Managing director Brent Robinson says it is a good price, but there is a lot of work to do to integrate Temex with its own French operations.

Rakon has manufacturing plants in Britain, France, India and China.

Its shares are unchanged at 93 cents.