Rotork PLC
8 January 2002
Embargoed until 7.00am, 8th January 2002
ROTORK p.l.c. ACQUIRES JORDAN CONTROLS, INC.
Rotork, the specialist engineering company, today announces the acquisition of
Jordan Controls, Inc., for an initial cash consideration of $10.4 million (£
7.2 million).
Of this amount $6.1 million (£4.2 million) will be paid for the entire issued
share capital of Jordan Controls with the balance being used to pay down
existing debt of $4.3 million (£3.0 million). The final price paid will be
subject to a price adjustment, either upward or downward, to a maximum of $1
million (£0.7 million), based on confirmed orders received for the calendar
year 2002.
Jordan Controls is a niche electric actuator manufacturer based in Milwaukee,
Wisconsin, USA. It specialises in serving the power, water, oil & gas and
other industrial markets within the USA, parts of South America and China.
Within the last audited accounts for the year ended 30 June 2001, Jordan
reported pre-tax profits of $0.9 million (£0.6 million) after interest
charges of $0.5 million (£0.3 million), and had net liabilities of $0.6
million (£0.4 million), including debt of $4.8 million (£3.3 million).
Under the management of the President and majority shareholder, Bob Seidell,
Jordan has established a professional management team, which will now report
to Bob Arnold, a Rotork p.l.c. Board Director and President of Rotork's North
& South American operations. Mr. Arnold will act as President of Jordan
Controls, Inc. following the retirement of Bob Seidell, who will be a
consultant to Jordan Controls, Inc. until the end of 2002.
Bill Whiteley, Chief Executive of Rotork, commenting on the acquisition said
today:
'The acquisition of Jordan Controls, Inc. is part of the Group's strategy of
expanding its valve automation product range and expertise. Jordan enjoys an
established reputation for its line of electric actuators, used predominantly
in positioning applications on valves and dampers. While US power generation
represents their most important market, they also enjoy sales in a wide range
of industries and have been expanding their non-US sales in recent years.'
-ends-
Further information:
Bill Whiteley, Chief Executive
Rotork p.l.c.
Tel. 01225 733 200
Peter Otero
Financial Dynamics
Tel. 020 7269 7273
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