ROR Rotork Plc

TIDMROR

RNS Number : 9542U

Rotork PLC

04 August 2015

4 August 2015

Rotork plc

Acquisition

Rotork p.l.c. ("Rotork"), the market-leading actuator manufacturer and flow control company, today announces the acquisition of M&M International Srl ("M&M"), a subsidiary of Spirax-Sarco Engineering plc.

M&M, based in Bergamo, Italy, is a leading manufacturer of solenoid valves, piston actuated valves and automatic drain valves for use in commercial and industrial flow control industries.

The enterprise value of the acquisition is EUR9.7 million payable in cash. The purchase will be funded from existing committed bank facilities. In 2014, based on audited accounts, M&M generated operating profit of EUR1.5 million on turnover of EUR8.9 million.

M&M will sit within the Rotork Instruments division.

Commenting on the acquisition, Peter France, Chief Executive, said:

"M&M is an excellent addition to our Instruments division which will complement Rotork Midland and provide a focal point for solenoid valve and piston actuated valve manufacturing within the Group. This acquisition supports our strategy of broadening our product portfolio and expanding our addressable markets, and we look forward to leveraging our global sales network to support the growth of M+M as part of Rotork."

For further information, please contact:

 
 Rotork p.l.c.   Tel: 01225 733200 
 
 
 Peter France, Chief Executive 
 Jonathan Davis, Finance Director 
 
 
 FTI Consulting   Tel: 020 3727 1340 
 
 
 Nick Hasell / Susanne Yule 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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