Business
Acquisition of Group HES, New Division established
Acquisition of Group HES, New Division established.
About this update from Flowtech Fluidpower Plc
[{"type":"text","content":"\n \nRNS Number : 3821T Flowtech Fluidpower PLC 12 October 2017 \n\n\n\n\n\nNEWS RELEASE\nIssued on behalf of Flowtech Fluidpower PLC\nImmediate Release\n \n \n \n\n\n\n\n\n\n\n \nFLOWTECH FLUIDPOWER PLC\n(\"Flowtech\" the \"Group\" or \"Company\")\n \nAcquisition of Group HES Ltd further strengthens UK presence\nand \nOnsite Services Division to be established in 2018\n\n\n\n\n \n \nLondon: Thursday, 12 October 2017: AIM listed specialist technical fluid power products supplier Flowtech Fluidpower plc (LSE: AiM: symbol: FLO) is pleased to announce the further strengthening of its Power Motion Control (PMC) division through the acquisition of Group HES Ltd (\"HES\") (www.grouphes.com). \n \nBackground to the Acquisition\nFounded in 1965 and, today headquartered in Gloucester, England, HES is a multi-faceted solutions provider to the Fluidpower sector. HES employs 89 people across is network of branches located in Birmingham, Durham, Gloucester and Leeds. The business operates under five trading brands: Hydraulic Equipment Supermarkets; Branch Hydraulic Systems, and more recently established specialist distributor brands in HES Tractec, HES Lubemec and HES Automatec.\n \nThe acquisition provides another complementary business to the Group's PMC division, delivering incremental revenue through a mix of wider technical applications, reinforces our offer to the off-highway market and adds aerospace to our sector coverage. In addition, the acquisition extends Flowtech's position with important global suppliers, including Danfoss Power Solutions (www.powersolutions.danfoss.com).\n \nHES will operate within the PMC division and continue to be managed by the current senior management team. Previous owner and Managing Director, Stuart Diesel, who has been with the business for over 20 years will remain with the HES business during a transition period, and in 2018 he will then take up a new role as Divisional Managing Director - Onsite Services. Working with the existing resources available within the PMC and Flowtechnology operations Stuart will build this new division within the Flowtech Group. The launch of this new division represents the final element of the multi-channel strategy outlined at the time of the Group's IPO in 2014.\nFor the year ...