Thursday January 31, 7:15 AM
Acquisition (Rotork PLC)
Rotork PLC
31 January 2008
31 January 2008
Rotork p.l.c.
Acquisition of Remote Controls Sweden AB
Rotork,
the specialist engineering company, is pleased to announce the
acquisition of Remote Controls Sweden AB ("RCS") a designer and manufacturer of
valve actuators based in Falun, Sweden.
The total consideration for the acquisition of the entire issued share capital
of RCS is SEK165 million (£13million), payable in cash. SEK25 million of the
consideration is deferred and payable over the next 13 months.
RCS's audited accounts for the year 2006/2007 show gross assets of SEK 87
million, turnover of SEK 182 million and profit before tax of SEK 10.5 million.
Commenting on the acquisition, Peter France, Group Chief Operating Officer of
Rotork, said:
"RCS is a professionally managed, manufacturer of actuators, established in
1961, with a worldwide reputation for supplying quality products to its chosen
markets.
"RCS will sit within Rotork's expanding Fluid Power division and provide it with
a range of additional complementary products, for both existing and new
international customers, which will be sold through Rotork's worldwide network
of sales offices.
"RCS has its headquarters, engineering, design and production facilities in
Falun, Sweden and also has its own sales subsidiaries in USA, Singapore, Germany
and UK.
RCS managing director, Ake Backman, will continue to manage the business and
lead RCS's specialist dedicated staff."
For further information, please contact:
R.E. Slater
Group Finance Director Tel: 01225 733224
Jon Simmons / Sophie Kernon
Financial Dynamics Tel: 020 7831 3113
This information is provided by RNS
The company news service from the London Stock Exchange
|
|
|
Send Article by Email