Acquisition

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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Rotork (ROR)
UK 100

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