FRANKFURT, May 31 (Reuters) - German engineering firm Norma Group has 93 million euros ($126.90 million) in cash to spend in takeovers and is in talks with potential targets, the company's chief executive was quoted as saying on Saturday.
"We're looking at larger targets and are in discussions," chief executive Werner Deggim told Euro am Sonntag newspaper in the summary of an article to appear in the Sunday edition.
"We need the cashflow to finance our future, further growth in the Norma Group, especially in foreign markets," he said.
Deggim said the company, which specialises in clamps and connecting technology, had 93 million euros in cash available to put to use in a takeover, and that management was not interested in pursuing a share buyback programme.
Norma Group was not immediately available to comment.
($1 = 0.7328 Euros) (Reporting by Thomas Atkins, editing by Louise Heavens)