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Dewhurst acquires stakes in US businesses

By BFN News | 12:26 PM | Wednesday 30 June, 2010


Lift compenents supplier, Dewhurst has acquired stakes in two California-based companies, CElevator Research & Manufacturing Corp.(ERM) and Winter & Bain Manufacturing, Inc.(W&B). The company has acquired a 25% stake in ERM and a 41.67% stake in W&B for $1m cash with effect from 1 July 2010. It has also agreed to purchase the remaining shares in both businesses by no later than 1 July 2014. In the year ended 31 December 2008 (the most recent filed financial information), ERM made a profit before tax of US$445,421 on turnover of approximately US$4,932,222 and W&B made a profit before tax of US$213,281 on turnover of approximately US$4,697,748. Chairman Richard Dewhurst says: "We have known the management team at ERM and W&B for many years and believe we share many common values. Adding these businesses to the Dewhurst group should enable us to grow our market share in the important US market. "As ERM already uses Dewhurst components the business should be relatively easy to assimilate into the group in due course. " Story provided by StockMarketWire.com

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