Acquisition

RNS Number : 1553C

Rotork PLC

09 November 2009

 



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: [phone]
Bob Slater, Finance Director	Tel: [phone]
Financial Dynamics	Tel: [phone]
Jon Simmons/Sophie Kernon

 

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