Ever Glory completes $31.5m acquisition of Guthrie Engineering

The payment for the acquisition will be made in two tranches.

Ever Glory United Holdings Limited has completed the acquisition of Guthrie Engineering (GESPL) for $31.5m, according to a bourse filing.

GESPL has, in effect, become a wholly owned subsidiary of the company.

Tek Guthrie, an associated company of GESPL, has in turn become an associated company of Ever Glory.

The payment will be made in two tranches: $2m upfront and the remaining $29.5m by 31 July.

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