Business
Acquisition
Acquisition.
About this update from Flowtech Fluidpower Plc
[{"type":"text","content":"\n Flomerics Group PLC\n15 June 2006\n\n15 June 2006\n\n Flomerics Group plc\n\n\n Proposed Acquisition of NIKA GmbH, Germany\n\n\n • World-leading technology enhances the Flomerics product range\n\n\n • Significant opportunity to expand NIKA sales into countries where\n Flomerics is already strong\n\n\n • Access to a much wider potential customer base of design engineers outside\n of Flomerics' existing core electronics markets\n\n\n • Initial consideration valued at £8.0 million made up of £1.0 million cash\n and £7.0 million in Flomerics shares\n\n\n • Consideration mainly in Flomerics shares demonstrates confidence of the\n vendors in the prospects for the enlarged business\n\n\n • Deferred consideration will only become payable if enlarged group profits\n exceed £2.7 million in year ended 31 December 2007\n\n\n • Issue of consideration shares and therefore completion of the acquisition\n is conditional on the passing of appropriate resolutions at an EGM of\n Flomerics shareholders\n\n\nCommenting today Gary Carter, Chief Executive, said:\n\n\n\"Following a very strong performance at our last set of results, our objective\nis to firmly establish ourselves in our existing markets and, through the\nproposed NIKA acquisition, expand the business geographically and into new\nmarkets. NIKA provides us with new products, customers and expertise within an\narea we have already proven our success. There is also a significant opportunity\nto drive EFD.Lab sales into new geographies. We are building shareholder value\nin 2006 and beyond by building a Flomerics with a greater exposure to a wider\nrange of potential clients and an increased product offering.\"\n\n\nRoland Feldhinkel, NIKA Managing Director added:\n\n\n\"We are very excited to be a part of the Flomerics Group. Flomerics is\nacknowledged as being synonymous with the physical design of electronics and we\nare confident of establishing a similar standing for NIKA's products.\"\n\n\nFor further information please contact:\n\n\nFlomerics Group 020 8487 3000\n\nGary Carter, Chief Executive\n\nChris Ogle, Finance Director & Company Secretary\n\n\nConduit PR 020 7429 6666\n\nLaurence Read/ Angus Prentice 07979 955 923\n\n\nIntroduction\n\n\nFlomerics announces that it has reached agreement on the proposed acquisition of\nthe entire issued share capital of N...