Business
Completion of Acquisition and Notice of Results
Completion of Acquisition and Notice of Results.
About this update from Avingtrans Plc
[{"type":"text","content":"\n \nRNS Number : 5108P Avingtrans PLC 01 September 2017 \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION\n \n1 September 2017\nAvingtrans plc\n \n(\"Avingtrans\", the \"Group\" or the \"Company\")\n \nCompletion of Acquisition of Hayward Tyler Group plc\n \nAdmission of the Enlarged Share Capital to trading on AIM\nand\nNotice of Results\n \nAvingtrans plc (AIM: AVG), a leading designer, manufacturer, and supplier of critical components, modules and associated services to the energy and medical sectors, is pleased to announce the completion of the acquisition of Hayward Tyler Group plc (HTG) and the admission of the enlarged share capital to trading on the AIM market of the London Stock Exchange today (\"Admission\").\n \nHighlights of the Acquisition\n \n· The Group's objective is to be a leading world-class supplier of low volume and consistently high quality products to the energy and medical markets\n· The Group has a strong balance sheet with low levels of net debt and the headroom to pursue major growth opportunities, both organically and by acquisition\n· The Group's subsidiaries enjoy leadership positions in their respective energy market sectors, particularly in the nuclear industry\n· In the power sector, HTG's core business will benefit from the increased scale and strengthened balance sheet of the Group, with targeted investment supporting an accelerated drive towards niche leadership\n· Maloney Metalcraft Ltd, Peter Brotherhood Ltd and Hayward Tyler Ltd have long pedigrees in the oil and gas market and the Group will be better able to win new business and enhance its position in the market\n· The enhanced scale of the business will enable the enlarged Group to achieve critical mass and make inroads into the Chinese nuclear energy market\n \nStrategy for the Group\nThe stated strategy is to \"buy and build\" in regulated engineering niche markets to deliver superior shareholder returns over the medium to long term. \n \nThe primary focus in the short term will be the full integration of HTG's operations to build a leading world-class supplier of low volume a...