Babcock International Group PLC
21 June 2000
Contact: Ginny Pulbrook or Oskar Yasar
Citigate Dewe Rogerson
020 7638 9571
BABCOCK ACQUIRES CHRONOS RICHARDSON GROUP
Babcock International Group PLC has today acquired the
entire share capital of Chronos Holdings Ltd ('Chronos
Richardson') for a total consideration of £1.7m. There will
be £1.5m of cash consideration with £0.2m deferred, payable
based on performance over the next 2 years and 9 months.
Chronos Richardson is market leader in bagging, weighing,
dosing and batching technologies including plant control
systems. Businesses served include the chemical, plastics,
rubber, food and feed industries. With a turnover in the
year ending 31.12.99 of £29.3m, Chronos Richardson operates
from the UK (Nottingham), Germany, France, Italy and the USA
and has a joint venture in India. Net assets on acquisition
will be approximately £1.5m and in the year to 31.12.99 the
company made a loss before tax of £0.8m.
The acquisition of Chronos Richardson extends the BMH
business into the chemical and food industries and gives new
customers access to existing BMH products and services. It
complements BMH building materials businesses by the
addition of batching, electronic weighing and palletising
technologies. It also extends BMH's services network
through the Chronos Richardson dedicated service operations
in Thailand and Malaysia.
The incorporation of Chronos Richardson into BMH will allow
it to be refocused to reduce operating costs and take
advantage of the extensive global network of BMH to increase
market presence and efficiency. The acquisition is expected
to contribute positively to BMH earnings from the next
financial year.
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.