Business
"TR adds specialist fastener supplier to portfolio
"TR adds specialist fastener supplier to portfolio.
About this update from Trifast Plc
[{"type":"text","content":"\n \nRNS Number : 8772J Trifast PLC 05 April 2018 \n\n \n \nTrifast plc\n('Trifast', the 'Group' or 'TR')\n \nLeading international specialists in the engineering, manufacturing and distribution \nof high quality, industrial fastenings to major global assembly industries\n \n\"HOLDING THE WORLD TOGETHER\"\n \nACQUISTION\n \n\"TR adds established stainless steel fastener supplier to its portfolio, to drive global product range extension and ongoing growth\"\n \n \nLondon: Thursday, 5 April 2018: International industrial fastenings group, Trifast (LSE Premium listing: TRI) is pleased to announce that it has extended its distribution product range through the acquisition of Precision Technology Supplies Limited (\"PTS\" or the \"Acquisition\"), a key supplier and distributor of stainless steel fastenings in the UK, holding one of the widest product ranges of any supplier in Europe. \n \nHighlights of the Acquisition\n· Initial cash consideration of £8.5 million, subject to adjustment based on the net cash in the business at completion, with contingent cash consideration of up to £2.5 million \n· Opportunity to build the Group's presence within the stainless steel fastener market\n· Enhances core OEM customer offering and supports ongoing distributor sales growth\n· Extends our customer base and sectors served \n· Provides proven e-commerce platform\n· Synergy benefits expected in the form of more efficient sourcing\n· Expected to be earnings enhancing in the financial year-ending 31 March 2019\n \nCommenting on the acquisition, Mark Belton, CEO Trifast said:\n \n\"We believe that this acquisition will be earnings enhancing in the financial year-ending 31 March 2019. It will enable us to provide an enhanced offering across our customer network and also strengthen our position when it comes to purchasing synergies and logistics.\"\n \n\"PTS will run as a stand-alone business within the TR family of businesses - however it will, like other brands within the TR portfolio, significantly benefit from the Group's ma...