Proposed Acquisition Update

RNS Number : 7969T

Norcros PLC

25 March 2019

 

("Norcros", the "Group" or the "Company")

Proposed Acquisition of RAP Plumbing Supplies Proprietary Limited - Update

Norcros, a market leading supplier of high quality and innovative bathroom and kitchen products is pleased to advise that, further to its announcement on 16 January 2019 of the proposed acquisition of South African based RAP Plumbing Supplies (Proprietary) Limited, trading as House of Plumbing ("House of Plumbing"),  it has obtained unconditional approval from The Competition Commission of South Africa and that the transaction is expected to complete on 1 April 2019.

House of Plumbing is a market leading supplier of specialist plumbing materials focused on the specification and commercial segments of the market supplying plumbing contractors, maintenance plumbers and the public. The business operates from three branches in South Africa located in Johannesburg (which is also where the head office is based), Pretoria and Lephalale.

The business employs 102 people and has an experienced management team led by Managing Director Robin Roberson, all of whom will be staying with the business.

Commenting on the news, Nick Kelsall, Group Chief Executive, said "I am delighted that we have been granted timely and unconditional approval by the Competition authorities and can now complete the acquisition of House of Plumbing. The business complements the Group's strong positions and enhances our product offer to the important commercial and specification segments of the South African market where we have been successfully building our business. I look forward to working with Robin and his team to further develop and grow the business."

ENQUIRIES:

Norcros plc	Tel: [phone]
Nick Kelsall, Group Chief Executive
Shaun Smith, Group Finance Director
Hudson Sandler	Tel: [phone]
Nick Lyon Nelly Akpaka

Notes to Editors

·      Norcros is a leading supplier of high quality and innovative bathroom and kitchen products with operations primarily in the UK and South Africa

·       Based in the UK, Norcros operates under seven brands:

o   Triton - Market leader in the manufacture and marketing of showers in the UK

o   Merlyn - the UK and Ireland's No. 1 supplier of shower enclosures and trays to the residential,   commercial and hospitality sectors

o   Vado - A leading manufacturer and supplier of taps, mixer showers, bathroom accessories and     valves

o  Croydex - A market-leading, innovative designer, manufacturer and distributor of high-       quality bathroom furnishings and accessories

o   Abode - A leading niche designer and distributor of high-quality kitchen taps, bathroom taps and   kitchen sinks

o   Johnson Tiles - A leading manufacturer and supplier of ceramic tiles in the UK

o   Norcros Adhesives - Manufacturer of tile & stone adhesives, grouts and related products

·       Based in South Africa, Norcros operates under three brands:

o  Tile Africa - Chain of retail stores focused on ceramic and porcelain tiles, and associated products such as sanitary ware, showers and adhesives

o  Johnson Tiles South Africa - Manufacturer of ceramic and porcelain tiles

o  TAL - The leading manufacturer of ceramic and building adhesives

·      Norcros is headquartered in Wilmslow, Cheshire and employs around 2,100 people. The Company is listed on the London Stock Exchange. For further information please visit the Company website: http://www.norcros.com

 

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