Dewhurst PLC - Acquisition, etc
February 04 2000 - 8:38AM
UK Regulatory
RNS Number:0297F
Dewhurst PLC
4 February 2000
Dewhurst plc
Acquisition of Australian Lift Components
Dewhurst plc has reached agreement to the purchase of
Australian Lift Components (ALC) for a consideration of #1.7
million. ALC is based in Sydney, Australia. Its business is
fundamentally the same as that of existing Dewhurst
subsidiaries Dupar Controls (Canada) and The Fixture Company
(USA). It manufactures and sells a range of lift components
for the Australian market. The majority of sales are of
pushbutton control panels for lifts. Geographically the major
part of ALC's sales are in its home state of New South Wales
and there are opportunities to expand the company's customer
base through Australia. We believe that the management of ALC
will benefit from being part of a larger group and from having
access to Dewhurst products, development and commitment to the
lift industry.
Adding ALC to the Dewhurst Group will give us the opportunity
to improve the service we are able to provide to our
Australian customers and expand the range of products we are
able to offer. The purchase satisfies our stated strategy of
having a network of companies around the world configuring
products to local customers requirements.
In the year ended 30th June 1999 ALC generated profit before
tax of #381,000 (1998: #313,000) on turnover of #1.9 million
(1998: #1.6 million). At 30th June 1999 ALC had net assets
of #241,000.
The consideration is being satisfied in cash, partly from the
Company's cash reserves and partly through a #1 million bank
loan, denominated in Australian dollars.
ALC is currently run by General Manager, Chris Carroll. He
will become Managing Director of the new subsidiary and will
have a 2 year service contract.
4 February 1999
END
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