Acquisition (3311S)
2011年11月18日 - 4:00PM
RNSを含む英国規制内ニュース (英語)
TIDMROR
RNS Number : 3311S
Rotork PLC
18 November 2011
18 November 2011
Rotork p.l.c.
Acquisition
Rotork p.l.c. ("Rotork"), the market leading actuator
manufacturer and flow control company, announces that it has
acquired:
Fairchild Industrial Products Company ("Fairchild")
Fairchild, based in Winston-Salem, North Carolina, USA,
manufactures high-precision pneumatic controls and power
transmission products for a wide range of industries.
The company was purchased from FIPC Acquisition, LLC, a Delaware
limited liability company controlled by Hampshire Equity Partners
III, L.P., for a net consideration of $75.8m payable in cash and
financed from existing reserves. $7.7m of the total sum will be
deferred and held in escrow for two years.
Fairchild is an asset-light company with a similar outsourced
model to Rotork. In its last audited accounts to 31 December 2010,
Fairchild reported revenue of $21.1m and profit before interest and
amortisation of $6.3m. Gross assets at the same date were $42m,
which included $36m of goodwill and intangible assets that will be
reviewed as part of the fair value accounting for the acquisition.
In the ten months to 31 October Fairchild achieved EBITA of $6.7m
on revenue of $20.8m.
The management team of Fairchild will remain in the
business.
The acquisition of Fairchild is in line with Rotork's strategy
of strengthening its presence in the global flow control market, as
part of which the Group also announces the creation of a new
division, Rotork Instruments. Rotork Instruments will focus on
developing further opportunities in the flow control market; in
particular, products associated with flow and pressure control and
diagnostic and information gathering technology. Fairchild will
form the basis of the new division.
Fairchild manufactures a full range of market leading
regulators, boosters, relays and transducers. The products are used
in a wide variety of applications that require precision control of
pneumatic devices and motion control equipment. As well as Oil and
Gas applications, the company also benefits from orders in
pharmaceutical and biomedical equipment, tyre manufacturing
machinery, robotics, food processing and chemical manufacturing
applications. The company has offices in China and India with local
presence in Mexico, Russia and Brazil. North America remains the
largest market with 57% of the revenue, with Europe accounting for
16% and North Asia 12%.
Commenting on the acquisition, Rotork Group Chief Executive
Peter France said:
"The acquisition of Fairchild will strengthen our presence in
the global flow control market and broaden the scope of the Group's
activities whilst remaining close to our core competencies."
For further information, please contact:
Rotork p.l.c. Tel: 01225 733200
Peter France, Chief Executive
Jonathan Davis, Finance Director
FTI Consulting Tel: 020 7269 7291
Nick Hasell / Richard Mountain
This information is provided by RNS
The company news service from the London Stock Exchange
END
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