Global Partnership with Normet Group


 

TIDMHNN 
 
RNS Number : 8343J 
Norman Hay PLC 
08 April 2010 
 

 
 
08 April 2010 
 
 
Norman Hay plc 
 
 
Norman Hay plc forms a global partnership with the Normet Group 
 
Norman Hay plc ("Norman Hay" or "The Group"), the specialist chemicals and 
systems group, has sold 30% of the issued share capital of TAM International 
Limited, its construction chemicals division, to the Normet Group ("Normet"), a 
global manufacturer and distributor of equipment for mining and underground 
construction, for GBP2.4 million, of which GBP853,000 relates to outstanding 
loans to the business. 
 
The consideration, which is payable in cash, will be used to repay the remaining 
loans with the balance being invested for the future expansion of the Group. 
 
Normet has been granted a call option for two years from 31 May 2014 for the 
remaining TAM shares. The consideration for which is based on a multiple of six 
times profit of the business in the year immediately preceding the sale. Under 
the call option, the minimum due for the remainder of Norman Hay's equity in TAM 
is GBP5.1 million and the maximum is GBP14.25 million. There is no guarantee 
that Normet will choose to exercise this option. 
 
The joint venture will bring together the construction chemical products of TAM 
with Normet's world leading range of equipment for concrete spraying, explosive 
charging and underground logistics for the tunneling and mining industry. 
 
Normet's 23 global outlets will provide TAM international with significantly 
increased distribution capability. 
 
Norman Hay acquired 75% of the issued share capital of TAM in December 2006. The 
consideration for the acquisition of the controlling interest was GBP1.7m in 
cash, which was funded from the existing cash resources of the Company. 
 
For the year ending 31 December 2009, TAM's operations made a pre-tax loss of 
GBP357,000 as we continued to invest in the expansion of TAM internationally. 
 
Vic Bellanti, Chief Executive of Norman Hay plc, commented: 
 
"The business activities of TAM and Normet are extremely complementary. Whilst 
we made significant progress in developing TAM's business in 2009, the global 
reach and extensive sales and distribution network of Normet will enable us to 
further expand TAM's client base rapidly. We will also be able to offer 
customers a far more efficient package for their tunneling and mining 
requirements". 
 
 
Peter Hay, Chairman of Norman Hay plc, concluded by saying: 
 
"We believe that this collaboration will make TAM a truly global construction 
chemicals company and will be beneficial for TAM and Normet alike as well as 
Norman Hay's shareholders". 
 
 
-   ENDS - 
 
Enquiries to: 
 
Vic Bellanti and Nick Ogden 
 
Norman Hay plc 
Tel: +44 (0)24 7622 9373 
 
David Haggie and Juliet Tilley 
Haggie Financial 
Tel: +44 (0)20 7417 8989 
 
 
 
About Norman Hay plc 
 
Norman Hay plc is a global chemicals, sealant, surface coatings and engineering 
specialist with over 60 years of trading history. It operates globally in five 
continents and is headquartered in Coventry, UK. The Group has four main 
subsidiaries: "Ultraseal" - automotive sealants; "Armourcote" - surface 
coatings; "TAM International" - construction chemicals; and "Norman Hay 
Engineering" - bespoke process plants. Norman Hay plc is listed on AIM under the 
ticker symbol HNN. 
 
For more information see www.normanhay.com 
 
 
 The Normet Group 
For over 40 years Normet has developed, manufactured and marketed equipment and 
vehicles for mining and underground construction. In addition the company 
provides a comprehensive range of Life Time Care services e.g. maintenance, 
service programs, spare parts and training for their equipment and associated 
processes.  Normet's head office is in Iisalmi, Finland, and manufacturing is 
located both in Iisalmi and Santiago de Chile. Sales, marketing and product 
offering development are headed up from Normet International Ltd in Switzerland. 
Normet employs over 450 business professionals in 23 locations worldwide. 
Turnover in 2009 totaled approximately EUR 92 million. 
 
For more information see www.normet.fi 
 
 
TAM International 
Founded in 1982, TAM are leaders in specialist chemicals and systems for 
waterproofing, leak sealing, repair and protection for the civil construction, 
underground construction and general building industry. TAM has over 70 
employees worldwide and is owned by Norman Hay plc in partnership with Martin 
Robbins, TAM International's CEO. TAM has manufacturing and sales operations in 
Australia, UK and Taiwan along with sales and marketing operations in Singapore, 
Hong Kong, Indonesia, Europe and the Middle East. Turnover in 2009 was 
approximately EUR 9 million. 
 
For more information see www.taminternational.com 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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