FTSE 250 engineering group Rotork has acquired Fairchild Industrial Products for a net consideration of $75.8m.
The acquisition is payable in cash and will be financed from existing reserves. $7.7m of the total sum will be deferred and held in escrow for two years.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Gross assets at the end of 2010 were $42m, which included $36m of goodwill and intangible assets that will be reviewed as part of the fair value accounting for 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."
NR
-
Millions at risk of 'unnecessary' tax bill – how to shield your savingsMillions of Brits could be taxed on their savings interest this year as their savings interest exceeds the personal savings allowance. Are you at risk?
-
Savers will have to wait as long as 48 years to build a £1m cash ISA pot if allowance is cutChancellor Rachel Reeves is rumoured to be planning a cut to the cash ISA allowance in the Autumn Budget, making it harder for savers to build wealth. Will you still be able to build a £1 million cash ISA pot?
