Completion of acquisition

18 Jun 2007 07:00

Renold PLC18 June 2007 Renold plc("Renold" or the "Group") Completion of HangZhou ShanShui acquisition Following the announcement on 21 May 2007 of the agreement to acquire a 90%interest in the business of HangZhou ShanShui ("HZSS") in China, Renold ispleased to announce that the purchase has now been completed. Bob Davies, Chief Executive of Renold, commented: "We are pleased to confirm the completion of this important strategicacquisition. The purchase of this substantial Chinese manufacturing facilitywill underpin the execution of our 'PACE' restructuring and will boost marginsto a run rate greater than 10% by 2008/9." "HZSS has the strongest technology of all the potential acquisition targets welooked at. It also provides a major growth opportunity in the domestic Chinesemarket and into other parts of South East Asia." 18 June 2007 Enquiries: Renold plc 0161 498 4517Bob Davies, Chief ExecutivePeter Bream, Finance Director College Hill 020 7457 2020Matthew GregorowskiNicholas Potter NOTE FOR EDITORS: Renold is a leader in the manufacture of industrial chains and also manufacturesa range of gears and couplings which are sold throughout the world to a broadrange of original equipment manufacturers and distributors. Its products areused in a wide variety of industries including manufacturing, transportation,energy, steel, and mining. Renold has a well deserved reputation for qualitythat is recognised worldwide. The Group has 13 manufacturing plants throughout the world and employs 2500staff. It is currently expanding its geographical footprint by increasing itsmanufacturing presence in "low cost countries". Further information about Renold can be found on the website www.renold.com This information is provided by RNS The company news service from the London Stock Exchange