Senior Engng Group - Acquisition
February 01 1999 - 2:30AM
UK Regulatory
RNS No 9032r
SENIOR ENGINEERING GROUP PLC
1st February 1999
Senior Acquires Additional Flexonics Business
Senior Engineering Group plc is pleased to announce that it has acquired the
business of Willcox hose ("Willcox"), through the purchase of the entire
issued share capital of its holding company, Thornskill Limited, for a
consideration of approximately #2.2 million, together with the assumption of
debt of approximately #2.3 million. In the year ended 31 March 1998, the
audited sales of Thornskill were approximately #6.4 million.
The consideration will be satisfied by the payment of cash of approximately
#2.0 million (financed from the Group's existing facilities) and the issue of
loan notes with a value of approximately #0.2 million. The final
consideration is dependent on the net asset value at closing, which it is
anticipated will be approximately #3.7 million, excluding debt assumed.
Willcox is one of the world's largest manufacturers of composite hose, with
operations in Holland, the UK and the USA. It is a recognised leader in the
international marine and other bulk liquid transfer markets, with ideally
located facilities in Houston, New Jersey and Rotterdam.
Commenting on the acquisition of Willcox, Andrew Parrish, Senior's Group Chief
Executive said "Willcox is a small but significant acquisition for Senior,
continuing the growth of Flexonics. When combined with Senior's existing
composite hose business, it will consolidate our position as global market
leader, presenting an excellent opportunity to generate additional value in
many of the world's key composite hose markets. Its operations will be
combined with our own facilities, generating significant cost saving
opportunities."
For further information, please contact:
Senior Engineering Group plc 01923 775547
Andrew Parrish, Group Chief Executive
Glenn Timms, Director - Corporate Development
Finsbury 0171 251 3801
James Murgatroyd
Morgan Bone
Notes to Editors
Senior Engineering Group plc is a specialised international engineering group.
It is organised into two principal divisions - Flexonics and Engineered
Products & Services. The Flexonics division, which provides more than 90% of
the Group's operating profit, is a world leading design and manufacturing
business specialising in thin-walled metallic flexible tubing and bellows,
servicing the aerospace (including space), automotive and specialised
industrial markets.
END
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