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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:8296E Brammer PLC 20 June 2006 RAMAEKERS ACQUISITION BRAMMER ACHIEVES MARKET LEADING POSITION IN BELGIUM Brammer, the European industrial services group, today announces the acquisition of 51% of the business of Aandrijvingen Ramaekers NV., with a commitment to acquire the remaining 49% between 2009 and 2012. Ramaekers is a privately owned Belgian specialist industrial services business engaged in the provision of critical industrial components, bearings and related power transmission products. The acquisition of Ramaekers is a strategic advance for Brammer, giving the Company market leadership in Belgium in the provision of bearings and power transmission products and further consolidating its leadership position in Europe. Highlights * The acquisition of the Ramaekers business will enhance Brammer's position as a major pan-European industrial services business in the key industrial economies of Germany, the UK, France, Spain and Benelux. * Consolidation of Ramaekers with Brammer's existing business in Belgium will achieve market leadership in Brammer's chosen product range and bring significant commercial and economic benefits to the enlarged group. The business had net sales of Euro9.8 million in the year to 31 December 2005. * The contract is for the acquisition of Ramaekers in two tranches, for a minimum consideration of Euro5.0 million with an initial cash payment of Euro2.5 million. * The acquisition is expected to be earnings enhancing. David Dunn, chairman of Brammer, commented: "The acquisition of Ramaekers extends further Brammer's European market leadership. It consolidates our position in Belgium and gives us a base from which to generate earnings growth through further market penetration in the Benelux. The acquisition fits our strategy of acquiring quality bolt-on companies to complement the organic growth opportunities in our key account and pan-European businesses." Enquiries: Brammer plc 0161 902 5599 David Dunn, Chairman Ian Fraser, Chief Executive Paul Thwaite, Finance Director Issued: Citigate Dewe Rogerson Ltd 020 7638 9571 Martin Jackson Anthony Kennaway Background to the acquisition of Ramaekers Introduction Brammer, the European industrial services group, today announces the acquisition of 51% of the business of Aandrijvingen Ramaekers NV with a commitment to acquire the remaining 49% subject to an earn-out by 2012. Ramaekers is engaged in the provision of critical industrial components including bearings, seals and power transmission products to a wide variety of industrial and commercial customers. Terms of the acquisition Brammer will acquire a 100% interest in Ramaekers in two tranches. The first tranche will be the purchase of 51% effective from 20 June 2006 for which Brammer will pay Euro2.5 million. The second tranche will be the purchase, between 2009 and 2012, of the remaining 49% for a minimum consideration of Euro2.5 million. The consideration for the second tranche will be increased up to a maximum of Euro6.0 million should certain agreed profit targets be achieved. Background on Ramaekers The Ramaekers business has 5 branches and 32 employees. The product range includes bearings, belts, couplings, motors and chains and is a good fit with Brammer's existing product portfolio. The Ramaekers business generated sales and pre-interest profits of Euro9.8 million and Euro0.8 million respectively in the year to 31 December 2005. Net assets were Euro0.8 million at the year end. Reasons for the acquisition The acquisition of the Ramaekers 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 consolidation. The acquisition of the Ramaekers business: * gives Brammer leadership in the provision of bearings and mechanical power transmission in the Belgian market; * further enhances Brammer's key account and pan-European capabilities; * presents an opportunity to achieve synergies through the integration of Ramaekers with Brammer's existing Belgian business. 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. ENDS This information is provided by RNS The company news service from the London Stock Exchange END ACQAKCKNPBKDAAD
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