Acquisition

RNS Number : 2303L

Rotork PLC

02 July 2014

 



2 July 2014

Rotork plc

Acquisition

Rotork p.l.c. ("Rotork"), the market-leading actuator manufacturer and flow control company, today announces the acquisition of Xylem Flow Control Limited (XFC), a subsidiary of Xylem Inc, a leading global water technology provider.

XFC, based in Wolverhampton, UK, is a leading manufacturer of solenoid valves and instruments under the Midland-ACS, Alcon Solenoid Valves and London Kingsway brands. 

The total consideration is £18 million payable in cash. The purchase will be funded from cash reserves and existing bank facilities. 

In 2013 XFC generated EBITDA of £2.0 million on turnover of £14.9 million based on management accounts.

XFC will be renamed Rotork Midland Limited under Rotork ownership and will sit within the Rotork Instruments division, where it will complement the Fairchild, Soldo and YTC brands.

Commenting on the acquisition, Peter France, Chief Executive, said:

"XFC is a long standing supplier of high quality solenoid valves and an excellent addition to our Instruments division.  This acquisition further enhances our range of instrumentation products and will enable us to expand the sales and coverage of Midland-branded products utilising our existing sales channels."   

For further information, please contact:

Rotork p.l.c.                                                       Tel: [phone]

Peter France, Chief Executive

Jonathan Davis, Finance Director

FTI Consulting                                                  Tel: [phone]

Nick Hasell / Susanne Yule

 

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