Joyce Corp expands

WA’s JOYCE Corporation has enacted part of its plan to use acquisitions to increase its market capitalisation.

It has bought the business assets of Polystyrene Industries for $4.1 million.

Polystyrene Industries is a WA manufacturer of expanded polystyrene in both block and shape moulded forms.

The product is sold into the local building, construction and primary produce sectors.

The business is now operating as part of the Joyce Group.

The acquisition has been funded from cash reserves and no capital has been issued.

Its present level of debt to shareholders’ funds of 10 per cent will only be slightly affected by acquisition.

Based on past results and projected performance, Polystyrene Industries will further contribute to growth in Joyce Corporation’s earnings per share – subject to prevailing economic conditions.