John Wolz

Singapore fastener maker Unisteel Technology Ltd. agreed to be acquired by Kohlberg Kravis Roberts & Co. in a take-private deal valuing the company’s stock at 785 million Singapore dollars ($575 million).

KKR’s Latch Holding Ltd. will buy the business for S$1.95 a share, which is a premium of 42% to Unisteel’s one-month volume-weighted average price to April 15.
Unisteel was founded in 1988 and listed on the Singapore Stock Exchange in 2000.

Unisteel provides fasteners, precision components and surface treatments for the mobile telecommunications, consumer electronics, industrial and automotive sectors. With manufacturing facilities in Singapore, Malaysia and China, the group last year generated net profits of S$47.5 million (US$34.7m) on revenue of S$274.8 million (US$200.55m) Profits were hurt by a weakening U.S. dollar, steel price hikes and a rise in the value-added tax levied on fastener exports by the group’s China subsidiaries, which increased from 4% to 12%. Web: unisteel.com.sg �2008 FastenerNews.com