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CFM Holdings, which manufactures metal-stamped parts, is buying IPL, a clean-room, medical disposables and wearables supplier, for S$2 million in cash.
The company entered into a sale-and-purchase agreement with Neo Chwee Hum and Neo Chew Pieng on Friday to acquire the entire issued and paid-up share capital of IPL.
CFM's board said that the proposed acquisition would diversify the company's risks from its current core business of metal stamping and fabricating engineering tools, and give CFM the opportunity to explore stamping and fabrication works with IPL's existing customers.
The company will finance the acquisition with its internal funds.