Forward Industries (FORD) Stock Climbs On Acquisition News

Forward Industries FORD Stock News

Forward Industries, Inc. (NASDAQ: FORD) is running for the top in the market this morning, gaining well over 60%. The gains come after the company announced that it is moving forward with a strategic acquisition. Here’s what’s going on:

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FORD Stock Climbs On Acquisition News

In the press release, Forward Industries said that it will be acquiring all of the assets of Kablooe Design. Kablooe is an innovative leading medical and consumer design and development company.

In the release, FORD said that it will be acquiring the Minneapolis, MN company for a mix of cash, equity, assumed debt and contingent earn outs.

The company explained that Kablooe is located in the 3rd largest medical device development hub in the United States. The company’s clients include leading brands in medical devices like Medtronic, Boston Scientific, Coloplast, Articure, Cega Innovations, and Rapid Diagnostek.

In a statement, Terry Wise, CEO at FORD, had the following to offer:

I am delighted and excited with the acquisition of Kablooe Design. Located in one of the heartlands of medical device development hubs, the company is an excellent strategic fit for the Forward Industries Group. Kablooe’s reputation, expertise and strong track record in being at the forefront of designing and developing innovative medical products is a perfect complement to the group as a whole and I am extremely confident it will afford cross fertilisation opportunities with our subsidiary, Intelligent Product Solutions. Strategically, Forward is well placed to grow and thrive in the future.

The above comment was followed up by Tom KraMer, CEO at Kablooe. Here’s what he had to offer:

Forward Industries is an ideal partner for Kablooe because of its strength in medical products and we will continue delivering exceptional product design and development services. We remain committed to our team and to maintaining our offices in Minneapolis and, strengthened by the Forward Group, look forward to future growth.

This Is Big News

The news released by Forward Industries this morning proved to be overwhelmingly positive. Through the acquisition, the company will immediately bring big name clients on board. Moreover, the company focuses on the production of devices to protect handheld devices. The acquisition may open the door to a wide range of big name customers for its own products.

All in all, the acquisition is a strong one that has the potential to substantially increase revenue. As such, FORD stock is one to watch.

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