Mincon to buy Vancouver-based distributor Pacific Bit of Canada

Irish engineering company Mincon Group has agreed to buy Vancouver-based distribution business, Pacific Bit of Canada Inc, for an undisclosed sum.

Pacific Bit distributes mainly mining and construction products in Western Canada. In 2018, it generated sales of around CAD5.5m and was profitable.

Mincon said the Pacific Bit team is staying in place to develop the business with its North American team, to build revenue and distribution in the coming years.

"We believe this is an important building block in developing the group sales into the Canadian market with an excellent local team," the company said.

"We are prepared to discuss acquisition, partnership and investment with other businesses in suitable geographic territories and relationships, for our key and ancillary products," it added.

At 1450 GMT, the shares were up 0.8% to €1.20.