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Shares in FTSE 250 technical products and services provider Diploma (LON:DPLM) climbed 4.17% to 1,378p (as of 12:05 BST) after it announced the acquisition of Virginia Sealing Products, a gasket and fluid sealing products specialist. The initial consideration for the deal will be $56 million in cash with potential deferred payments of up to $8 million depending on performance.
CEO Johnny Thomson commented: “We are delighted to welcome VSP into the Diploma Group. The business has an excellent management team, a strong service culture, and an impressive customer and supplier base. The acquisition is consistent with our strategy and provides an exciting opportunity to extend our Seals activities in North America“.