Bodycote International PLC
4 January 2000
For further information, please contact:
David Landless, Finance Director Tel: 01625 505300
Bodycote International plc
Edward Bridges Tel: 0171 831 3113
Financial Dynamics
Bodycote expands its European testing business
and acquires Midlands coatings company
Acquisition of Studsvik Polymer AB
Bodycote International plc, the international metal processing group,
announces the acquisition by its materials testing division of the business
and assets of Studsvik Polymer AB ('Studsvik Polymer') of Sweden from Studsvik
AB for a cash consideration of SEK 24.2 million (£1.8 million).
The business now operates under its new name of Bodycote Polymer AB, and will
provide lifetime testing of plastic and polymeric materials to its customer
base of resin producers, plastics manufacturers and end users.
Adjusted pre-tax profits of SEK3.8 million (£280,000) on sales of SEK18.5
million (£1.4 million) are expected for the year to 31 December 1999. The
book value of the assets acquired is SEK3.5 million (£260,000).
The acquisition of Studsvik Polymer is further development in Bodycote's
strategic goal to broaden the base of its testing group by diversification
into new materials which, in many cases, are being used to replace traditional
metal components.
Acquisition of Hemus & Pearson (Electroplating) Limited
Bodycote International plc, the international metal processing group,
announces the acquisition by Bodycote Metallurgical Coatings Limited of Hemus
& Pearson (Electroplating) Limited ('Hemus & Pearson') based in Dudley in the
West Midlands, for a cash consideration of £550,000.
Hemus & Pearson specialises in zinc electroplating for customers in the
automotive sector, and made operating profits of £82,000 on sales of £344,000
in the year to 30 September 1999. Net assets acquired amounted to £445,000.
Hemus & Pearson's managing director, Mr Kenneth Hemus, will be joining
Bodycote's metallurgical coatings division and in due course, the company will
be merged with the division's main operating site at Wolverhampton.
Bodycote International plc offers a range of metallurgical processing services
from 195 sites in 19 countries.
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