Bunting Magnetics makes second European acquisition

Bunting Magnetics’ European division has acquired a second company based in England.

The Newton-based developer and manufacturer of magnetic products said in a news release Friday that Bunting Magnetics Europe Ltd. has acquired E-Magnets UK Ltd., which is based in Sheffield, England. Financial terms of the transaction were not disclosed.

E-Magnets specializes in direct and wholesale supply of magnetic products.

“E-Magnets UK significantly expands Bunting’s market presence in the UK and abroad, while at the same time significantly increases our online business presence,” said Robert Bunting, Bunting’s owner and CEO, in the release.

E-Magnets was founded in 2005 by Alistair Richardson, who will continue to oversee daily operations.

Bunting Magnetics Europe, a manufacturing and sales operation, is based in Berkhamsted, England. Bunting established that business in 2010, which is related to its 2008 acquisition of Magnet Applications, which was also based in Berkhamsted.