SNR Senior Plc

RNS No 3612d
SENIOR ENGINEERING GROUP PLC
23rd February 1998

          Conditional Acquisition of Accles & Pollock
 
Senior  Engineering Group plc is pleased to announce  that  it
has  conditionally agreed to acquire the business,  trade  and
assets  of Accles & Pollock Limited ("Accles & Pollock")  from
The  Hay  Hall  Group  Limited for  a  cash  consideration  of
approximately #1.1 million.  The unaudited results of Accles &
Pollock  in the six months to 31 December 1997 were  sales  of
#1.7 million with break-even profitability.
 
The  exact consideration will depend upon the net asset  value
at  closing which it is anticipated will be approximately #1.7
million.   The acquisition will be financed from  the  Group's
existing  borrowing  facilities  and  is  conditional  on  the
agreement  of  certain  lease, regulatory  and  administrative
arrangements.  Completion is expected to take place before the
end of March.
 
Accles & Pollock, founded in 1899, is located in Oldbury, West
Midlands,  UK,  and currently has approximately 65  employees.
The company manufactures and sells a premium line of precision
tube,  superclean tube and manipulated tube assemblies to  the
aerospace and semi-conductor markets, much of which is to high
technology specifications.
 
This  acquisition  will add potentially significant  aerospace
presence  to  Senior's Precision Tube operation, part  of  the
Engineered Products & Services Division.  Accles & Pollock has
a  long  established reputation for quality and service  as  a
supplier  to leading manufacturers in this market in both  the
United Kingdom and Europe.
 
Commenting  on  the  acquisition of Accles &  Pollock,  Andrew
Parrish,  Senior's Group Chief Executive said:   "This  latest
acquisition  demonstrates  the  Group's  willingness  to  grow
our  Engineered  Products  &  Services  Division  via  bolt-on
acquisitions, as was shown by our recent acquisitions in  Heat
Treatment.  Accles & Pollock provides an opportunity  to  move
our  Precision Tube businesses into higher value added, higher
margin  activities.  The acquired business operates  primarily
in  the  aerospace and semi-conductor sectors and is therefore
complementary  to  our Flexonics Division.  Accles  &  Pollock
will   be  fully  integrated  into  our  existing  operations,
generating significant cost saving opportunities".
 
For further information, please contact:
 
Senior  Engineering Group plc                     01923 775 547
Andrew Parrish, Group Chief Executive
Glenn Timms, Director - Corporate Development
 
Senior Engineered Products & Services             01923 775 547
Carl Francis - Divisional Director
 
Ludgate Communications                            0171 253 2252
Tim Davis
 
Notes to Editors
 
Senior  Engineering  Group  plc  ("Senior")  is  a  specialist
international  engineering group with a market  capitalisation
of  approximately  #500  million.  It is  organised  into  two
principal  divisions  -  Flexonics and Engineered  Products  &
Services.  The Engineered Products & Services Division,  which
produces  30%  of  Group sales, comprises  Air  Systems,  Heat
Treatment and Precision Tube.  The Precision Tube operation is
the  UK  market leader for precision welded tube and  includes
four  companies  (Durham Tube, Le Bas Tube, Phoenix  Tube  and
Tube  Products).  Sales were approximately #76 million in  the
year to 31 December 1996, #37 million in the six months to  30
June  1997  and  the tube businesses employ approximately  740
people.
 
Carl Francis, the Division Director responsible for Engineered
Products  &  Services, joined Senior in  September  1997  from
Siebe  plc, where he was President of the Specialist Equipment
Division.
 
 
END

ACQNFXAEAEFPEFN

Senior (LSE:SNR)
Historical Stock Chart
From Jun 2024 to Jul 2024

Senior (LSE:SNR)
Historical Stock Chart
From Jul 2023 to Jul 2024