Racec says talks to buy electrical equipment firm

AltX-listed rail and electrification infrastructure solution company, Racec, which released an upbeat trading update on Thursday, said that negotiations to acquire Greenbro were still in progress,

"Through the acquisition of Greenbro, Racec will effectively broaden its exposure in the electrification market," CEO Charles Harrod said.

Greenbro specialises in the supply and manufacture of electrical equipment and generators.

"We are confident that Greenbro will further increase our capacity and ability to participate in the myriad of opportunities in the local environment, while its range of generators will also enhance our product offering in our target markets," Harrod said.

The company also reported that basic earnings a share for the six months ended March 31, were expected to be between 55% and 57% higher than those in the previous corresponding period.