Business
Acquisition of Thomas Wright/Thorite Group Ltd
Acquisition of Thomas Wright/Thorite Group Ltd.
About this update from Flowtech Fluidpower Plc
[{"type":"text","content":"\n\n\n\n\n\nNEWS RELEASE\nIssued on behalf of Flowtech Fluidpower plc\nImmediate Release\n\n\n\n\n\n\n\n \nThe information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014 as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.\n \n \n \nFLOWTECH FLUIDPOWER PLC\n(\"Flowtech\" or the \"Group\")\n \nAcquisition of the business and certain assets of Thomas Wright/Thorite Group Limited\nand\nNotice of rescheduling half-year results\n \n \nLondon: Tuesday, 27 August 2024: Flowtech Fluidpower plc (AIM: FLO), the specialist technical provider of fluid power and motion control products and engineering services announces the acquisition (the \"Acquisition\") of the business and certain assets of Thomas Wright/Thorite Group Limited (\"Thorite\"). The transaction completed immediately following the appointment of Administrators, Interpath Advisory to Thorite.\n \nMike England, CEO of Flowtech said:\n\"We are delighted to acquire this well-respected brand and skilled workforce. On behalf of all of us at Flowtech we welcome our new colleagues to the Group. This is an exciting moment for us all as both businesses have a history of deep expertise and knowledge in power, motion and control. For us at Flowtech, adding Thorite's expertise in pneumatics, automation and compressed air capability is an excellent fit and aligns perfectly with our strategy - a world of motion - which will enhance our scale, margin profile, and help to accelerate market share gains.\"\nACQUISITION RATIONALE\nThorite is a leading UK provider of pneumatics, compressed air, vacuum and fluid handling products and systems and has traded since 1850. It operates from seven sales and service centres across the UK.\n \nThere is a strong strategic rationale for the Acquisition and the potential for significant synergies for the combined businesses, with the benefits including:\n· Significant operational efficiencies, procurement leverage opportunities and economies of scale, which will lead to material cost savings and improved margins ...