We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Bodycote Plc | LSE:BOY | London | Ordinary Share | GB00B3FLWH99 | ORD 17 3/11P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
2.50 | 0.36% | 695.00 | 695.00 | 696.00 | 696.50 | 687.50 | 696.50 | 50,508 | 12:20:48 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Metalworking Machinery, Nec | 743.6M | 73.7M | 0.3867 | 17.97 | 1.32B |
TIDMBOY
RNS Number : 9503X
Bodycote PLC
24 December 2019
24 December 2019
Bodycote plc
Acquisition of Ellison Surface Technologies
Bodycote, the world's leading provider of heat treatment and specialist thermal processing services, has entered into an agreement to acquire Ellison Surface Technologies ('Ellison'), creating one of the world's largest providers of thermal spray and engineered coating surface technology services to the aerospace industry.
Ellison's business, based in North America, is highly complementary to Bodycote's existing Surface Technology business. It is primarily focused on the aerospace market. It will be integrated into Bodycote's surface technology and aerospace business, which itself has seen strong structural growth in recent years.
Gross consideration for the acquisition will be $200 million (GBP154 million). When adjusted for tax benefits worth at least GBP30m, net consideration for the transaction is approximately GBP170 million. The consideration will be settled using Bodycote's existing committed credit facilities.
Ellison's business generated revenues of $50m (GBP38m) in 2018, with associated pro-forma EBITDA of $8m (GBP6m). Based on results year to date, it is anticipated that Ellison's revenue for 2019 will be $58m (GBP44m) with pro-forma EBITDA of $12m (GBP9m). This expected revenue growth of 16%, and its associated 50% increase in pro-forma EBITDA, reflects the fact that Ellison has been successfully gaining share in the civil aviation business, which will also provide a solid foundation for further revenue and profit growth in future years. It is anticipated that the Ellison business will be immediately earnings enhancing to the enlarged Bodycote business. Ellison employs almost 400 people across six sites located across the United States, Canada and Mexico.
Commenting on the transaction, Stephen Harris, Group Chief Executive of Bodycote plc, said 'Ellison's business is one that we have long respected and is a perfect strategic fit for Bodycote's aerospace and Specialist Technologies' businesses. Ellison has been successful in winning new business in recent years and it will be very complementary to Bodycote's existing Surface Technology business.'
Completion of the transaction is contingent on various regulatory filings' processes; it is anticipated that the transaction will complete during the first quarter of 2020.
Bodycote was advised by Credit Suisse on this transaction, while the sellers were advised by Lazard.
Acquisition Update Conference Call
Stephen Harris and Dominique Yates will be hosting a conference call for analysts and investors to discuss the acquisition in detail at 8.00am on January 7(th) .
Participant's dial in number : +443333009261 (Direct)
Participants will be asked for names only, no PIN required
For further information, please contact:
Bodycote plc
Stephen Harris, Group Chief Executive
Dominique Yates, Chief Financial Officer
Tel No +44(0) 1625 505300
FTI Consulting
Richard Mountain
Susanne Yule
Tel No +44 (0) 2037271340
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.
END
ACQQZLBLKLFBFBE
(END) Dow Jones Newswires
December 24, 2019 02:00 ET (07:00 GMT)
1 Year Bodycote Chart |
1 Month Bodycote Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions