Business
Acquisition/Update on Trading
Acquisition/Update on Trading.
About this update from Fevara Plc
[{"type":"text","content":"\n RNS Number : 7561N Carr's Milling Industries PLC 24 February 2009 \n \n\nTuesday 24 February 2009\n\n\nCARR'S MILLING INDUSTRIES PLC \n\nAcquisition/Update on Trading\n\n\nAcquisition\nCarr's (CRM.L), the agriculture, food and engineering group, announces that yesterday, Monday 23 February 2009, it entered into an agreement to acquire on 1 March 2009 the trade and assets of the remote handling technology, robotics and radiation protection equipment business (the 'Business') from the Administrator appointed to Hans Wälischmiller GmbH ('Hans Wälischmiller').\n\nThe consideration for the Business is €5.5m (£4.9m) in cash, of which €2.8m (£2.6m) is expected to be payable during March 2009. The assets acquired comprise the property (€2.0m), plant and machinery (€0.5m), inventory (€2.0m) and all intellectual property and goodwill (€1.0m) of the Business. €2.0m of the deferred consideration is payable by 31 August 2009 and €0.7m on receipt of progress payments on an order for remote handling technology. The consideration will be satisfied by new bank funding and the Group's existing bank facilities.\n\nThe Business complements Swindon-based Carrs MSM, which supplies remote handling equipment to the nuclear industry and research establishments. The Business is based in Markdorf in Southern Germany and has 70 employees. Both the Business and Carrs MSM are suppliers to British Nuclear Group.\n\nThe acquisition will benefit the Group's engineering business through:\n\n\n\nexpansion of the customer base of both the UK and German businesses;\n\n\nopportunities to share design and technical knowledge; and\n\n\nutilisation of the Business' machining capability.\n\n\n\nPrior to 1 January 2009, the Business was part of a group of companies and did not prepare separate accounts. For the nine months ended 31 December 2008, the period when Hans Wälischmiller was in Administration, the Business made a loss before tax of €186,000 on sales of €5.2m. The gross assets of the Business are €4.5m (£4.0m).\n\nThe transaction is expected to be earnings enhancing for the Company in the first full year following acquisition.\n\nPrior to being taken into Administration in March 2008, Hans Wälischmiller operated as an engineering company. Some of the other divisions of Hans Wälischmiller have been separately ...