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TYMN.GB Tyman plc

368.00
10.50 (2.94%)
21 Jun 2024 - Closed
Realtime Data
Share Name Share Symbol Market Type Share ISIN Share Description
Tyman plc AQSE:TYMN.GB Aquis Stock Exchange Ordinary Share GB00B29H4253
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  10.50 2.94% 368.00 350.00 386.00 367.00 347.00 365.00 15,831 15:29:10
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Tyman PLC Acquisition of Lawrence Industries (8435F)

12/07/2023 5:00pm

UK Regulatory


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RNS Number : 8435F

Tyman PLC

12 July 2023

TYMAN PLC

Acquisition of Lawrence Industries

Tyman plc ("Tyman" or the "Group"), a leading international supplier of engineered fenestration components and access solutions to the construction industry, is pleased to announce that it has signed an agreement to acquire Barry G Lawrence, Inc., which trades as Lawrence Industries ("Lawrence"). Lawrence designs, manufactures and sells high-performance composite hardware for sliding and hung windows to North American window fabricators, and is based in North Carolina, USA.

Lawrence Industries

Tyman has signed an agreement to acquire 100% of Lawrence for an initial consideration of $57.0 million on a debt and cash free basis. Further contingent consideration of up to $12.5 million will be based on stretching growth targets for the financial results for the two years up to and including 31 December 2024. Consideration is being funded from existing debt facilities, and financial leverage is expected to remain within the Group's target range of 1.0-1.5x adjusted EBITDA by the end of 2023. For the financial year ended 31 December 2022, Lawrence reported unaudited revenue of approximately $20 million and profit before tax of approximately $7.5 million, with gross assets as at 31 December 2022 of $3.4 million. The acquisition will be immediately earnings enhancing and will report as part of Tyman's North America division.

Composite hardware provides an attractive, high performance, low-cost product option and is a beneficiary of the growing demand for affordable homes in North America. The acquisition is in line with the Group's previously stated acquisition strategy and adds an exciting new product category to AmesburyTruth's market-leading portfolio of window and door hardware for the North American market.

Founded in 2005 by Barry and Melissa Lawrence, Lawrence has over 50 employees and operates from a single location in Thomasville, North Carolina. Brandon Lawrence, currently President of Lawrence, will remain with the company to continue to drive the business forward, and Lawrence will continue to go to market under the Lawrence Industries brand name.

Current trading and H1 2023 Results

Since the publication of the AGM Trading Update on 19 May 2023 the Group's trading has continued in line with the Board's expectations.

Tyman will announce its results for the six months ended 30 June 2023 on 25 July 2023.

Jason Ashton, Interim Chief Executive Officer, commented:

"I am delighted to welcome our new Lawrence colleagues to Tyman. Lawrence is an excellent fit with AmesburyTruth's extensive product portfolio, providing strong product and service platforms to the attractive North American window market. We are confident that the strategic partnership between AmesburyTruth and Lawrence will provide an even stronger value proposition for our customers, whilst providing a platform for Lawrence to accelerate its growth journey as part of a larger group."

12 July 2023

Enquiries

Tyman plc ( investor.relations@tymanplc.com , 0207 9768000)

Jason Ashton - Interim Chief Executive Officer

Juliette Lowes - Interim Chief Financial Officer

Matt Jones - Head of Investor Relations

MHP ( tyman@mhpgroup.com , 020 3128 8613)

Reg Hoare / Rachel Farrington / Matthew Taylor

Notes to editors

Tyman (TYMN: LSE) is a leading international supplier of engineered fenestration components and access solutions to the construction industry. The company designs and manufactures products that enhance the comfort, sustainability, security, safety and aesthetics of residential homes and commercial buildings. Tyman's portfolio of leading brands serve their markets through three divisions: Tyman North America, Tyman UK and Ireland and Tyman International. Headquartered in London, the Group employs approximately 3,700 people with facilities in 16 countries worldwide. Further information is available at www.tymanplc.com .

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

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(END) Dow Jones Newswires

July 12, 2023 12:00 ET (16:00 GMT)

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