Acquisition

31 Jan 2008 07:15

Rotork PLC31 January 2008 31 January 2008 Rotork p.l.c. Acquisition of Remote Controls Sweden AB Rotork, the specialist engineering company, is pleased to announce theacquisition of Remote Controls Sweden AB ("RCS") a designer and manufacturer ofvalve actuators based in Falun, Sweden. The total consideration for the acquisition of the entire issued share capitalof RCS is SEK165 million (£13million), payable in cash. SEK25 million of theconsideration is deferred and payable over the next 13 months. RCS's audited accounts for the year 2006/2007 show gross assets of SEK 87million, turnover of SEK 182 million and profit before tax of SEK 10.5 million. Commenting on the acquisition, Peter France, Group Chief Operating Officer ofRotork, said: "RCS is a professionally managed, manufacturer of actuators, established in1961, with a worldwide reputation for supplying quality products to its chosenmarkets. "RCS will sit within Rotork's expanding Fluid Power division and provide it witha range of additional complementary products, for both existing and newinternational customers, which will be sold through Rotork's worldwide networkof sales offices. "RCS has its headquarters, engineering, design and production facilities inFalun, Sweden and also has its own sales subsidiaries in USA, Singapore, Germanyand UK. RCS managing director, Ake Backman, will continue to manage the business andlead RCS's specialist dedicated staff." For further information, please contact:R.E. SlaterGroup Finance Director Tel: 01225 733224Jon Simmons / Sophie KernonFinancial Dynamics Tel: 020 7831 3113 This information is provided by RNS The company news service from the London Stock Exchange