Vancouver's International Beryllium Corp. (TSX-V:IB) plans to acquire Pennsylvania-based Freedom Alloys Inc. for US$10 million.
The deal will add technical experience and market knowledge to IBC's management as the company continues to pursue additional acquisitions to expand its manufacturing footprint in North America.
The acquisition should also improve the company's financial performance because Freedom is a profitable business that realized a 30% sales increase in 2007.
Freedom shareholders will receive approximately $120.85 per share payable in cash or a combination of cash and IBC shares.
International Beryllium's share price during the past week: between $0.58 and $0.74; 52-week high: $0.87; 52-week low: $0.17.