Powerscreen International has expanded its business in Northern Ireland with the acquisition of Toomebridge, Co Antrim-based SDC Trailers for £7 million sterling. SDC, which employs 250 people, has net assets of £4.2 million and the most recent set of accounts show pre-tax profits of £1.2 million.

Surprisingly, given its minimal level of debt, Powerscreen is funding the SDC acquisition through a placing by Goodbody Stockbrokers of three million shares at 625p each, raising £18.75 million. This was to cover the cost of the acquisition as well as provide working capital, the company said. Powerscreen chief executive, Mr Shay McKeown said: "The acquisition of SDC Trailers complements the acquisition earlier this year of Moffett Engineering which manufactures truck-mounted fork-lift trucks. Powerscreen believes there is excellent growth potential in the SDC product line in the home and export markets."