Acquisition

RNS Number : 2407M

Rotork PLC

20 May 2010

 



20 May 2010                                                                                        

Rotork plc

Acquisition of Ralph A. Hiller Company Inc.

Rotork plc, the world leading actuator manufacturer, is pleased to announce the acquisition of Ralph A. Hiller Company Inc. (Hiller) a designer and manufacturer of nuclear actuators and distributor of related products based in Pittsburgh, Pennsylvania, United States. 

The total consideration for the acquisition of the entire issued share capital and facility of Hiller is $7.8 million payable in cash.  Approximately $1.3 million of the consideration is deferred and payable over the next 19 months.

Hiller's financial year end accounts for the year ended 30 September 2009 shows turnover of US$14.6 million and profit before tax of US$421,000.

Commenting on the acquisition, Peter France, Group Chief Executive of Rotork, said:

"Hiller is a professionally managed designer and manufacturer of pneumatic and hydraulic nuclear actuators and a distributor of related products, established in 1950 with an excellent reputation for supplying quality products to its chosen markets.

"Hiller will sit within Rotork's Fluid Systems division and provide the group with a range of additional complementary nuclear products which will be sold through existing sales channels and Rotork's worldwide network of sales offices.  This acquisition supports the group's strategy of expanding its nuclear capability."

For further information, please contact:

Rotork plc
Peter France, Chief Executive	Tel: [phone]
Jonathan Davis, Finance Director	Tel: [phone]
Financial Dynamics	Tel:  [phone]
Jon Simmons

 

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