Rotork PLC Acquisition (4455B)
2014年3月4日 - 4:02PM
RNSを含む英国規制内ニュース (英語)
TIDMROR
RNS Number : 4455B
Rotork PLC
04 March 2014
4 March 2014
Rotork plc
Acquisition
Rotork p.l.c. ("Rotork"), the market-leading actuator
manufacturer and flow control company, today announces that it has
agreed to purchase the entire share capital of Young Tech Co., Ltd.
("YTC"). The acquisition is subject to regulatory approval.
YTC, based in Seoul, Korea, is a leading manufacturer and
supplier of valve positioners and accessories.
The total consideration payable is GBP64 million in cash, of
which GBP60 million is payable upon completion, and GBP4 million is
deferred for 12 months and contingent on certain performance
criteria. The purchase will be funded from cash reserves and
existing bank facilities. YTC is an asset-light company with a
similar outsourced business model to Rotork. In its accounts for
the year ended 31 December 2013 YTC reported revenue of GBP16.5m
and operating profit of GBP6.0 million. Gross assets, excluding
cash and cash equivalents, at 31 December 2013 were GBP17
million.
YTC's extensive range of instrumentation includes
electro-pneumatic, pneumatic and "smart" positioners for use in the
operation of pneumatic actuators. YTC products are certified for
use in international markets.
The acquisition of YTC is in line with Rotork's strategy of
extending its offering of flow control and pressure control
products. The acquisition further enhances and expands Rotork's
position in the Asia-Pacific market.
YTC will become part of Rotork's Instruments division and the
existing management team of YTC will remain following the
acquisition.
Commenting on the acquisition, Peter France, Chief Executive,
said:
"YTC is an excellent addition to our Instruments division. It is
a highly respected manufacturer of instrumentation products which
are complementary to Rotork's existing portfolio of products. This
acquisition will enhance our range of instrumentation products and
further enlarge our addressable market."
For further information, please contact:
Rotork p.l.c. Tel: 01225 733200
Peter France, Chief Executive
Jonathan Davis, Finance Director
FTI ConsultingTel: 020 7269 7291
Nick Hasell / Susanne Yule
This information is provided by RNS
The company news service from the London Stock Exchange
END
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