Altron to pursue acquisitions
New CEO seeks to turn company around by boosting technology business and disposing of noncore assets
Allied Electronics (Altron) is looking for acquisitions to strengthen its technology operations in areas such as biometrics and healthcare. The group planned to use the R400m investment from its strategic shareholder Value Capital Partners for acquisitions, new Altron CEO Mteto Nyati said on Thursday. Altron is repositioning itself as an information and communications technology business. Its remaining assets include Bytes group of businesses, which provides software and hardware products and services, and Altech businesses operating in the telecoms space. Nyati said the group wanted to "play big" in safety and security, healthcare management, and also microlending and other financial services. Cratos Capital portfolio manager Ron Klipin said Nyati, who had been at the helm as CEO for a month, aimed to change Altron from a company operating in silos into one offering end-to-end solutions with cross-selling potential. Altron’s revenue for the year to February had fallen 26% to R19.7b...
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