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HILS Hill & Smith Plc

1,990.00
38.00 (1.95%)
Last Updated: 13:05:46
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Hill & Smith Plc LSE:HILS London Ordinary Share GB0004270301 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  38.00 1.95% 1,990.00 1,984.00 1,992.00 1,990.00 1,954.00 1,974.00 37,556 13:05:46
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Fabricated Structural Metal 829.8M 68.8M 0.8582 23.19 1.6B

Hill & Smith PLC Acquisition of FM Stainless

12/03/2024 7:15am

RNS Regulatory News


RNS Number : 4225G
Hill & Smith PLC
12 March 2024
 

12 March 2024

Hill & Smith PLC

Acquisition of FM Stainless

Hill & Smith PLC ("Hill & Smith" or "the Group"), the international provider of sustainable infrastructure products and services, today announces the acquisition of FM Stainless, LLC ("FM Stainless").

Acquisition of FM Stainless   

The Group has completed the acquisition of the business and assets of FM Stainless from its principal shareholder, Chad Hood, who will be staying with the business. The initial cash consideration is $8.25m (c.£6.6m), on a debt and cash free basis. Further cash consideration of up to $0.5m (c.£0.4m) is payable, conditional on achievement of financial performance targets in the year following acquisition.

FM Stainless, located in Ellijay, Georgia, manufactures stainless steel pipe supports, expansion anchors and fasteners principally for water and waste water, attractive end markets with strong growth prospects underpinned by significant multi-year investment in water infrastructure. FM Stainless sells its products across the US, with particular focus within the southeast region, a geography which has seen favourable demographic movements.

FM Stainless will become part of The Paterson Group, within our Engineered Solutions division and will expand our geographical customer base, generate cross selling opportunities and provide additional manufacturing capacity and capability.

In the 12 months to 31 December 2023, FM Stainless reported unaudited revenue of $8.6m, adjusted EBIT of $1.6m and gross assets as at 31st December 2023 of $5.5m.

The acquisition will be funded from the Group's existing borrowing facilities and is expected to be earnings enhancing to the Group in 2024.

Alan Giddins, Executive Chair, said:

"The acquisition of FM Stainless will expand our geographical customer base, increase our manufacturing capability and generate material cross selling opportunities in an attractive growth market. I am delighted to welcome FM Stainless and its employees to the Group."

 

For further information, please contact:

Hill & Smith PLC

Alan Giddins, Executive Chair                                                                  Tel:  +44 (0)121 704 7434

Hannah Nichols, Chief Financial Officer

MHP

 

Reg Hoare/Rachel Farrington/Catherine Chapman                               Tel:  +44 (0)7801 894577

                                                                                                                        Email: hillandsmith@mhpgroup.com

 

Notes to Editors

Hill & Smith PLC is a leading provider of sustainable infrastructure products and services. The Group employs c.4,400 people worldwide with the majority employed by its autonomous, agile, customer focussed operating businesses based in the US, UK, Australia and India.  The Group head office is in the UK and Hill & Smith PLC is quoted on the London Stock Exchange (LSE: HILS.L).

The Group's operating businesses are organised into three main business divisions:

 

Galvanizing Services: increasing the sustainability and maintenance free life of steel products including structural steel work, lighting, bridges and other products for industrial and infrastructure markets.

Engineered Solutions: supplying engineered steel and composite solutions for a wide range of infrastructure markets including power generation and distribution, marine, rail and housing.  The division also supplies engineered pipe supports for the water, power and liquid natural gas markets and seismic protection solutions.

Roads & Security: supplying products and services to support road and highway infrastructure including temporary and permanent road safety barriers, intelligent traffic solutions, street lighting columns and bridge parapets.  In addition, the division includes two businesses which are market leaders in the provision of off-grid solar lighting and power solutions.  The security portfolio includes hostile vehicle mitigation solutions, high security fencing and automated gate solutions.

 

 

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