Business
Acquisition of SRS Holdings L
Acquisition of SRS Holdings L.
About this update from Goodwin Plc
[{"type":"text","content":"\n RNS Number : 8874X Goodwin PLC 30 June 2008 \n \nGoodwin PLC ('Goodwin')\n\n30th June 2008\n\nAcquisition of SRS Holdings Limited\n\nGoodwin, the mechanical and refractory engineering group, announces the acquisition of the entire share capital of SRS Holdings Limited (registration number 4666689) ('SRS Holdings') a holding company for Specialist Refractory Services Limited ('SRSL') and its associated overseas subsidiaries.\n\nThe benefits to Goodwin will be greater utilisation of its manufacturing facilities and wider product representation in the high growth GDP countries leading to increased sales and greater efficiency.\n\nThe principal activities of SRSL include the making of powders for the investment jewellery casting market and the industrial lost wax casting industry. The total consideration of £6.0m comprises an immediate cash payment of £3.2m and a payment of £2.8m satisfied by the issue of loan notes to the vendors unconditionally repayable in June 2011.\n\nSRS Holdings is a non trading holding company and does not produce consolidated accounts. SRS Holdings directly owns 100% of the issued share capital of Specialist Refractory Services Limited (a company incorporated in the UK), and 49% of Jewellery Plaster Limited (a company incorporated in Thailand). SRS Holdings also indirectly owns 51% of SRS (Guangzhou) Plaster Limited (a company incorporated in the People's Republic of China). Summary audited financial data for each of these three companies is set out below:\n\n\n\n\n\n\n\n\nSales\n\n\nPre-tax Profits\n\n\nGross Assets\n\n\nYear End Reported*\n\n\n\n\n\n\n\n£000's\n\n\n£000's\n\n\n£000's\n\n\n\n\n\n\n\nSpecialist Refractory Services\n\n\n4,396\n\n\n158\n\n\n1,836\n\n\n31st March 2008\n\n\n\n\nJewellery Plaster Limited\n\n\n2,089\n\n\n607\n\n\n1,773\n\n\n31st Dec 2007\n\n\n\n\nSRS (Guangzhou) Limited\n\n\n1,602\n\n\n461\n\n\n1,208\n\n\n31st Dec 2007\n\n\n\n\n\n\n\n8,087\n\n\n1,226\n\n\n4,817\n\n\n\n\n\n\n\n* The accounting reference dates shown relate to the audited accounts for those years\n\nSRS Holdings' Managing Director Mr J Guy Davis will become a joint managing director, and SRS&...