IT sales and distribution house Legend Corporation today announced the purchase of Adelaide-based IES Investments and subsidiary electrical manufacturing firm Integrated Electronic Solutions (IES) for more than $29 million dollars.
IES produces control circuits for medical use and integrated circuits for car alternators and refrigerators.
Some IES executives have already signed employment contracts with Legend. IES components and products will be sold along Legend's existing sales and distribution outlets, updating product lines gained from the IES acquisition.
IES customers include Philips, British Aerospace and Resmed. Legend distributes memory and consumer electronics through outlets such as Dick Smith Electronics, Kmart, Myer and Harvey Norman. Corporate clients include country energy, Aurora energy and Energex.
Legend CEO Bradley Dowe said the acquisition gives Legend greater intellectual property to push consumer goods through the Australian, New Zealand and South African markets through a division of Legend named Cabac.
"IES brings our group key intellectual property that will allow Legend to exploit growth in the Chinese domestic market by supplying key components to manufacturers and to supply consumer electrical goods from those manufacturers into Cabac's electrical markets in Australia, New Zealand and South Africa," Dowe said.
"Legend Corp has now set the groundwork for significant global growth in the electrical and electronics arenas, IES will be a key contributor to improved quality of earnings in the New Year."
No IES staff will be made redundant as a result of the acquisition.