Hill & Smith PLC - Solihull, England-based provider of sustainable infrastructure products and services - Completes acquisition of the business and assets of Capital Steel Service LLC. Hill & Smith pays initial consideration of USD6.3 million in cash, approximately GBP5 million. Further consideration of up USD1.2 million will be payable if Capital Steel achieves financial performance targets over the next two years. Capital Steel, which supplies structural steel products and services for electrical transmission and distribution, reported USD8.1 million in revenue for the year that ended on August 31. Hill & Smith expects the acquisition to be earnings enhancing this year.
Executive Chair Alan Giddins says: "Capital Steel operates in one of our most attractive end markets, and the acquisition is in line with our strategy of acquiring businesses with strong long-term growth potential...It is an excellent fit with our existing, high-growth US utility business."
Current stock price: 1,818.00 pence
12-month change: up 51%
By Emma Curzon, Alliance News reporter
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Hill & Smith (HILS)