Bodycote International PLC
2 April 2001
For further information, please contact:
John Chesworth, Managing Director
Bodycote International plc Tel: 01625 505 300
Scott Fulton, Director
Financial Dynamics Tel: 020 7831 3113
Further European expansion for BODYCOTE
Bodycote International Plc, the international metallurgical services group,
announces two further significant developments in the geographical expansion
of its Central European Heat Treatment and Coatings Group.
Hungary
On 27th February 2001, Bodycote acquired the heat treatment company Technoheat
Kft from Technocar RT based in Budapest, Hungary.
The purchased price was HUF255 million (£600,000) paid in cash for net assets
acquired of HUF235 million (£550,000). The acquired business will give
Bodycote its first location in Hungary, providing metallurgical services to
both the existing customers and new companies investing in this area. The
market is developing rapidly, in particular as a future supply base for the
German automotive industry and their sub suppliers and represents significant
growth potential.
Switzerland and Germany
On 28th February 2001, Bodycote acquired the heat treatment and physical
vapour deposition ('PVD') coating operations of Logotherm Warmebehandlung AG
and Rees GmbH from the Rapid Holdings Group based in Zurich, Switzerland.
Logotherm AG currently trades from four factories in Switzerland; Urdorf,
Fallanden, Winterthur and Bosingen, (trading as Logotherm Warmebehandlung AG)
and in Wehingen - South Germany (trading as Harterei Rees GmbH).
The purchase consideration was SF15.6 million (£6.46 million) paid in cash.
In the year to 30 September 2000 the businesses had sales of £9.48 million and
pre-tax profit of £2.22 million from net assets acquired of £5.4 million.
The acquired businesses will give Bodycote a major boost to its existing
trading in Switzerland with an increase in market share to around 30%.
Fallanden and Urdorf are ideally situated and will strengthen Bodycote's
service capabilities in the specialist machinery manufacturers and precision
components sectors.
Rees GmbH will provide a vital link to the rest of Bodycote's Central European
network currently operating from 33 locations in eight countries*.
* Bodycote Central European Network locations - The Netherlands (5), Germany
(16), Austria (3), Czech Republic (2), Romania (1), Liechtenstein (1),
Switzerland (4) and Hungary (1).
ENDS
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