29 April 2016
Rotork plc
Acquisition of Mastergear
Rotork p.l.c. ("Rotork"), the market leading actuator manufacturer and global flow control company, announces that it has acquired the entirety of Mastergear's business and assets ("Mastergear") from Regal Beloit Corporation of Wisconsin USA for $25m on a cash-free and debt-free basis and a value of inventory that will be finalised at the end of a transition service agreement.
Mastergear is a leading manufacturer of manual and motorised gearboxes for valves focused on the oil and gas, water distribution and treatment, chemical processing and wider industrial markets.
The Mastergear business has its main centre of operations in Italy and the United States, with a further operational presence in China. Mastergear will become part of Rotork's Gears division, and approximately 55 people will join Rotork as a result of the acquisition.
In the 12 months to 31 December 2015, Mastergear generated adjusted EBITDA of $3.7m on revenue of $22m.
Commenting on the acquisition, Peter France, Chief Executive, said: "Mastergear has a well-regarded product portfolio that will enable Rotork to offer its customers a more comprehensive range of products and services. The acquisition is in line with our strategy and strengthens our presence in the flow control sector, including the water distribution and treatment market."
Enquiries:
Rotork p.l.c. |
FTI Consulting |
Tel: +44 (0)1225 733 200 |
Tel: +44 (0)20 3727 1340 |
Peter France, Chief Executive |
Nick Hasell |
Jonathan Davis, Group Finance Director |
Susanne Yule |
Cynthia Alers, Head of Investor Relations and Strategy |
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