November 7, 2016 / 9:52 PM / 9 months ago

BRIEF-Sun Hydraulics agrees to acquire Enovation Controls

Nov 7 (Reuters) - Sun Hydraulics Corp :

* Sun Hydraulics Corp - acquisition value at initial consideration of $200 million and additional earn-out potential of $50 million over 27 months

* Sun Hydraulics Corp - acquisition value at initial consideration of $200 million and additional earn-out potential of $50 million over 27 months

* Sun Hydraulics Corp- expected to be immediately accretive to Sun's 2017 earnings per share by $0.25 - $0.35

* Sun Hydraulics Corp - deal funded with cash on hand and cash available under Sun's revolving credit facility

* Sun Hydraulics Corp - tax step-up basis benefit estimated at $35+m of value from deal

* Sun Hydraulics Corp - annual profit synergies of $5 million expected by 2020 from deal

* Sun Hydraulics - acquired company will consist of approximately 300 employees located in united states, England, Germany, India and China

* Sun Hydraulics - Enovation Controls' 2 other lines of business, natural gas production controls and engine controls and fuel systems, will operate as a new co not owned by Sun

* Sun Hydraulics agrees to acquire Enovation Controls, a leader in electronic control, display and instrumentation solutions Source text for Eikon: Further company coverage:

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