Last checked at 22 Jun 2015 07:00
Strictly embargoed until 07:00 22nd June 2015
AVON RUBBER p.l.c. ("Avon", the "Group" or the "Company")
Acquisition of Hudstar Systems Inc.
Avon is pleased to report that it has completed the acquisition of 100% of the share capital of Hudstar Systems Inc. ('Hudstar') for $5.1million in cash from existing cash resources.
Hudstar is a leading Florida, USA based designer and manufacturer of electronic control systems used in powered and supplied air respiratory protection systems, largely for Avon's award winning Deltair product.
Hudstar is a private US company and thus does not produce audited accounts. Nevertheless, based on the cost savings that are expected to be achieved, Avon expects this acquisition to be modestly earnings enhancing to the Group in its next full financial year.
Commenting, Peter Slabbert, Chief Executive said, "The addition of Hudstar's technology and expertise in electronics adds to Avon's capability and will, in addition to providing short term cost savings, provide longer term product development opportunities in this key technology area."
For further enquiries, please contact:
Avon Rubber p.l.c. | |
Peter Slabbert, Chief Executive | 01225 896831 |
Andrew Lewis, Group Finance Director | 01225 896830 |
Sarah Matthews-DeMers, Group Financial Controller | 01225 896835 |
Weber Shandwick Financial | |
Nick Oborne | 020 7067 0700 |
Note to editors: The Group has transformed itself over the past five years into an innovative design and engineering group specialising in two core markets, Protection & Defence and Dairy. With a strong emphasis on research and development we design, test and manufacture specialist products from a number of sites in the US and UK, serving markets around the world. We achieve this through nurturing the talent and aspirations of our employees to realise their highest potential.
Avon Protection is the recognised global market leader in advanced Chemical, Biological, Radiological and Nuclear (CBRN) respiratory protection systems technology for the world's military, homeland security, first responder, fire and industrial markets. With an unrivalled pedigree in mask design dating back to the 1920's, Avon Protection's advanced products are the first choice for Personal Protective Equipment (PPE) users worldwide and are placed at the heart of many international defence and tactical PPE deployment strategies. Our expanding global customer base now includes military forces, civil and first line defence troops, emergency service teams and industrial, marine, mineral and oil extraction site personnel. All put their trust in Avon's advanced respiratory solutions to shield them from every possible threat.
Our world-leading Dairy business and its Milkrite brand have a global market presence. With a long history of manufacturing liners and tubing for the dairy industry, Milkrite has become the leading innovator and designer for products and services right at the heart of milking. Our goal is always to improve and maintain animal health. Working with the leading scientists and health specialists in the global dairy industry we continue to invest in technology to further improve the milking process and animal welfare. Our products provide exceptional results for both the animal and the milker, making the milk extraction process run smoothly. As our market share and milking experience continue to grow, so does our global presence.
For further information please visit the Group's website www.avon-rubber.com