Hunting PLC
19 March 2002
19 March 2002
HUNTING PLC
Acquisition of Roforge for £4.2 million
Hunting Petroleum France, a subsidiary of Hunting PLC, announces the
acquisition of Roforge, based in Saint-Chamond near Lyon, France for a cash
consideration of £4.2 million.
Roforge formed in 1975 manufactures forged steel valves for use in the Energy,
Refining and Petrochemical industries.
At 31st December, 2001, Roforge had net assets of £2.6m including £1.8m net
cash. Turnover and operating profit for the year to 31st December 2001 were
£3.7m and £1.0m respectively.
Commenting on the acquisition, Dennis Proctor, Chief Executive of Hunting PLC,
said:
'The acquisition of Roforge enhances the range of products and services
offered by Hunting Petroleum France, and builds Hunting's global mix of
operations.
This is our seventh acquisition in twelve months and we will continue to
consider future strategic acquisitions that enhance and complement our
existing range of products and services. However our priority for the year is
to focus on portfolio management, capital discipline and cost containment.'
Enquiries:
Dennis Proctor 001 281 442 7382
Chief Executive, Hunting PLC
Dennis Clark
Finance Director, Hunting PLC 020 7321 0123
Catriona McDermott
Brunswick Group Limited 020 7404 5959
Notes to Editors:
Hunting PLC is an international oil services company providing support
solutions to the world's largest oil and gas companies.
This information is provided by RNS
The company news service from the London Stock Exchange
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