DDL Electronics to Merge With Century Electronics
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DDL Electronics Inc. has agreed to merge with Century Electronics Manufacturing Inc.
DDL, based in Newbury Park, will exchange 33 million shares of its common stock to acquire Century Electronics. DDL’s stock recently has traded in the $1.50 a share range.
Century Electronics in turn will provide up to $3.3 million by June 27 to retire some short-term debt held by DDL.
DDL provides manufacturing services for electronic equipment makers and is a manufacturer of printed circuit boards. In the quarter that ended March 31, DDL posted revenue of $13.6 million.
Century Electronics is an electronics manufacturer with operations in Massachusetts and England. For the quarter that ended March 31, Century posted revenue of $24.6 million. The merger is expected to close in September.
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