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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Brammer | LSE:BRAM | London | Ordinary Share | GB0001195089 | ORD 20P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 164.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:9076Q Brammer PLC 08 February 2007 Brammer plc FIN ACQUISITION BRAMMER ACHIEVES A MARKET LEADING POSITION IN POLAND Brammer, the European industrial services group, today announces the acquisition of 51% of the business of the Fin S.A group and a commitment to acquire the remaining 49% between 2010 and 2012. Fin is one of the leading Polish specialist industrial services businesses providing critical industrial components, bearings and related power transmission products. The acquisition is conditional on clearance being received from the Polish competition authorities which is expected within the next 3 months. The acquisition of Fin is consistent with Brammer's stated strategy, giving the company a leading market position in Poland in the provision of bearings, power transmission, and fluid power products. The acquisition further reinforces Brammer's leadership position in Europe and enhances its key account offering to pan-European customers. Highlights The acquisition of Fin will enhance Brammer's position as a major pan-European industrial services business in one of the key growing industrial economies of Eastern Europe. Poland is currently enjoying GDP growth of approximately 5%. * Fin had net sales of #17.5 million in the year to 31 December 2006. * The agreement is for the acquisition of Fin in two tranches for a minimum consideration of #9.6million. * The consideration in respect of the first tranche is #4.9 million cash, and is payable on completion. Consideration in respect of the second tranche of between #4.7 million and #14.1 million is to be paid between 2010 and 2012. * The acquisition is expected to be earnings enhancing from completion. Brammer will announce its results for the year to 31 December 2006 on Tuesday 27 February 2007. Profit before tax under IFRS for the year ended 31 December 2006 is anticipated to be in line with management's expectations and slightly ahead of market consensus, at not less than #11.7m after a #0.2 million charge for the amortisation of acquired intangible assets. David Dunn, chairman of Brammer, commented: "We are delighted to announce the acquisition of Fin which further extends Brammer's European market leadership. It strengthens our position in Eastern Europe and gives us a base from which to grow earnings through greater market penetration in Poland, a key industrial economy. The acquisition fits our stated strategy of acquiring quality businesses which closely fit Brammer's established product portfolio and business strategy in order to complement the organic growth opportunities in our key account and pan-European businesses." Enquiries: Brammer plc 0161 902 5572 David Dunn, Chairman Ian Fraser, Chief Executive Paul Thwaite, Finance Director Issued: Citigate Dewe Rogerson Ltd 020 7638 9571 Martin Jackson Nicola Smith Brammer plc Background to the acquisition of Fin S.A. Introduction Brammer, the European industrial services group, today announces the acquisition of 51% of the business of Fin S.A. with a further commitment to acquire the remaining 49% subject to an earn-out by 2012. Fin is engaged in the provision of critical industrial components including bearings, seals, power transmission and fluid power products to a wide variety of industrial and commercial customers. Terms of the acquisition Brammer will acquire a 100% interest in Fin in two tranches. The first tranche will be the purchase of 51% for which Brammer will pay #4.9 million in cash. The acquisition remains conditional on gaining antimonopoly clearance from the Polish authorities which is expected by early May 2007. The second tranche will be the purchase, between 2010 and 2012, of the remaining 49% for a minimum consideration of #4.7 million. The consideration for the second tranche could be increased up to a maximum of #14.1 million should certain agreed profit targets be achieved. For illustration, under the terms of the agreement, if profit growth were 10% per annum then the second tranche payment would be #7.8 million. Background on Fin The Fin business has 11 branches across Poland and 165 employees. The product range includes bearings, belts, couplings, motors and chains and is a good fit with Brammer's existing product portfolio. The Fin business generated unaudited sales and EBITDA of #17.5 million and #1.6 million respectively in the year to 31 December 2006. Unaudited net assets were #3.7 million at the year end. Reasons for the acquisition The acquisition of the Fin business is in line with Brammer's strategy of further developing its position as the leading pan-European industrial services business through both organic growth and bolt-on acquisitions. The acquisition of the Fin business: * gives Brammer a leading position in the provision of bearings and mechanical power transmission in the strategically important and growing Polish industrials market; and * further enhances Brammer's key account and pan-European capabilities. In line with strategy, further acquisitions are being sought to consolidate Brammer's position as the only supplier capable of servicing the needs of major pan-European customers for critical industrial components, bearings and related products. The Company intends to announce its results for the year end 31 December 2006 on 27 February 2007. ENDS This information is provided by RNS The company news service from the London Stock Exchange END ACQILFSDFRIDIID
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