Acquisition

RNS Number:1666N
AGA Foodservice Group PLC
06 June 2005


6th June 2005

AGA ACQUIRES WATERFORD STANLEY

Aga Foodservice Group plc (Aga) has acquired Waterford Stanley, the Irish based
range cooker and stoves company, for up to Euros 13.8 million in cash from
Pricoa the US financial services group. Waterford Stanley is a market leader in
Ireland in the cast iron cooker market through its Stanley ranges which are
comparable to Aga's range of Rayburn cookers. Annual unit cooker sales are
around 5,500. Castings are sourced internationally and assembled and enamelled
in Waterford. Waterford Stanley also manufactures and distributes 9,000 stoves
annually. It has a national dealer network and 18 outlets have become Stanley
Centres where a broad range of cookers and stoves are retailed.

Waterford Stanley has restructured in recent years closing much of its
manufacturing capacity and international operations. The costs have held back
its financial performance. It made an operating profit of Euros 1.35 million in
the year to 31st March 2005 on turnover of Euros 27 million. Losses after
reorganisation costs and before tax were Euros 1.4 million. At 31st March 2005
Waterford Stanley had net liabilities of Euros 1.3 million and net debt of Euros
6.9 million including vendor loans repaid at completion. The consideration
comprises Euros 6.9 million for the equity and the remainder is for the
assumption of debt.

Waterford Stanley employs 170 people of which 80 are in manufacturing in
Waterford. Michael Laffan, who has managed the reorganisation in recent years,
will continue to lead Waterford Stanley in the enlarged Aga group.

With the Irish economy continuing to be healthy and with government-led saving
schemes set to mature in 2006, the market outlook for Stanley is encouraging.
The company is currently trading satisfactorily.

William McGrath, Chief Executive of Aga said: "Strengthening further our
position as an international leader in premium appliances is central to our
expansion plans. With Stanley adding to our Aga, Rayburn and Rangemaster lines
we have a tremendous product offering for Ireland, a market where our product
range is very much at home. Stanley is a great Irish brand and will benefit from
our commitment to product development."

(-ENDS-)

Enquiries:

William McGrath, Chief Executive, Aga Foodservice Group plc     0121 711 6015
Jonathan Glass/Simon Sporborg, Brunswick                        020 7404 5959

NB: Irish corporation tax rate is 12.5%



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