The acquisition will see the establishment of a fourth business unit - RCR Electrical Services.
Positron is in the final stages of completing negotiations for two long-term electrical maintenance contracts. Within the last week Positron has been awarded a construction contract in the high voltage infrastructure industry sector in New South Wales.
In the last two months RCR has accepted $40 million worth of major new orders in the construction and maintenance business unit along with equipment manufacturing contracts.
Positron was purchased for $A43.7 million, with purchase consideration of $20.7 million cash plus an additional $1 million cash on successful completion of EBIT earn-out based on 2007-08 financial results and 10 million RCR shares, of which 8.5 million will be held in escrow for 12 months. The acquisition includes $11 million worth of net assets.
