Last checked at 17 Oct 2011 08:20
17 October 2011
Yule Catto & Co plc ("Yule Catto" or the "Group")
Acquisition
Yule Catto is pleased to announce the acquisition of Quality Polymer Sdn Bhd ("QP"), a Malaysian aqueous polymer producer, for a consideration of £10M (cash and debt free).
This acquisition will allow Yule Catto to expand its South East Asian production and sales of acrylic and vinylic polymer dispersions for the adhesives, building products and coating sectors. QP employs 30 staff at its factory located close to Yule Catto's existing plant in Pasir Gudang. The vendor is Nippon Paint Malaysia.
Quality Polymer has historic annual sales of some £10M. It is expected that the acquisition will be earnings enhancing in financial year 2012.
Following the acquisition, QP will operate as a subsidiary of Yule Catto, directly owned by the Group's 70% subsidiary, Revertex Malaysia SB.
Adrian Whitfield, Chief Executive of Yule Catto, said:
"We are delighted with the acquisition of QP, which supports our strategy of increasing sales into Asia and other developing economies. QP's assets complement our existing plants in Malaysia and Vietnam, which are operating at or near to capacity."
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For further information, please contact:
Yule Catto & Co plc | 01279 442791 |
Adrian Whitfield, Chief Executive | |
David Blackwood, Group Finance Director | |
MHP Communications | 020 3128 8100 |
Andrew Jaques / John Olsen / Ian Payne |