Business
Acquisition of STABER GmbH
Acquisition of STABER GmbH.
About this update from Fevara Plc
[{"type":"text","content":"\n \nRNS Number : 4147N Carr's Group PLC 25 October 2016 \n\n \n25 October 2016\n \nCarr's Group plc\n\"Carr's\" or the \"Group\"\n \nAcquisition of STABER GmbH\n \n \nCarr's, the Agriculture and Engineering Group, announces the acquisition and completion of STABER GmbH (\"STABER\" or the \"Company\"), for a total cash consideration of €7.85 million (£6.98 million), and after adjusting for estimated net cash within the Company at completion, a net consideration of €6.75 million (£6.00 million) (the \"Acquisition\").\n \nSTABER, formally called Städele GmbH, is a family owned engineering business located near the Group's existing German operations in Markdorf. \n \nSTABER and Wälischmiller Engineering GmbH, a subsidiary of Carr's Engineering Ltd, have been working together closely for over 50 years and STABER has most recently been a key supplier of parts for the remote handling business. During 2014 and 2015 STABER was intrinsic in assisting Wälischmiller in the development of the Demo 2000 Telbot®, a robotic system for vessel inspection and cleaning in the oil and gas market, and the first in the world to be certified for use in the most highly explosive of environments. STABER has designed and developed specialised intellectual property (\"IP\") which will be strategically beneficial to Wälischmiller in both the near and long term. This IP will accelerate the ongoing strategic development work on the Telbot® and the Demo 2000 Telbot® by Wälischmiller.\n \nSTABER will be fully integrated into Wälischmiller over the next 18 months, enhancing efficiencies and providing technological growth opportunities across the remote handling business of the Group. To ensure the successful integration and transfer of the IP, €2.0 million of the total consideration will be deferred, until at the latest 31 June 2018.\n \nHighlights and strategic rationale of the Acquisition\n· STABER is a long term strategic partner of Wälischmiller, having jointly developed multiple products over the past fifty years.\n· The Acquisition will provide the Group with specialised IP relating to high quality, niche robotics and design technology.\n· STABER's IP will advance Wälischmiller's ongoing product development...