Bodycote International PLC
12 April 2001
PRESS RELEASE
Bodycote International plc
Bodycote acquires K-Tech, Inc of Arkansas
Bodycote International plc, the international metal processing group,
announces the acquisition of the whole of the issued share capital of K-Tech
Inc., of Hot Springs, Arkansas. Bodycote already owns K-Tech's sister company
in the UK, Bodycote K-Tech Limited of Macclesfield which was acquired in 1999.
K-Tech provides unique ceramic coatings to the North American market, and
primarily serves the oil, textiles and fluid handling (pumps) and plastics
industries. Mr Jeff Carr and Mr Dave Hair, K-Tech's former owners, will join
Bodycote with responsibility for technical and market development.
Total consideration for the purchase was US$5.3 million (£3.69 million), which
was paid in cash.
K-Tech's sales for the year ended 31 December 2000 amounted to US$2.9 million
(£2 million), and earnings before interest and tax, on an ongoing basis, were
US$1.088 million (£757,000). Net assets acquired were US$1.2 million (£
835,000).
The acquisition will broaden the range of Bodycote's coatings services and
expertise in North America.
Enquiries:
John Chestworth
Chief Executive
Bodycote International plc Tel: 01625-500300
Martyn Wilton
Director
Bodycote International plc Tel: 001-978-470-1620
John Hubbard
Director
Bodycote North America, Inc. Tel: 001-214-904-2427
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