Last checked at 9 Nov 2009 08:30
9 November 2009
Rotork p.l.c.
Acquisition of FLOW-QUIP CONTROLS INC.
Rotork Plc, the specialist engineering company, today announces the acquisition of the business and assets of FLOW-QUIP CONTROLS INC, a privately held company based in Tulsa, Oklahoma, USA for a consideration, satisfied in cash, of $8.0 million of which $1 million will be deferred for 12 months.
Flow-Quip will fit within the Rotork Fluid Systems Division. It will add approximately $14 million of annual revenue with current returns marginally behind the rest of the Division.
Commenting on the acquisition, Peter France, Chief Executive of Rotork Plc, said:
"I am pleased to welcome Flow-Quip into the Rotork family of businesses. Flow-Quip brings with it additional products to add to our portfolio together with well established customer relationships in the United States and South America , markets we have identified as having potential for further growth."
For further information, please contact:
| Rotork p.l.c. | |
| Peter France, Chief Executive | Tel: 01225733300 |
| Bob Slater, Finance Director | Tel: 01225733224 |
| Financial Dynamics | Tel: 020 7831 3113 |
| Jon Simmons/Sophie Kernon |