Business
Acquisition of Roxspur
Acquisition of Roxspur.
About this update from Tt Electronics Plc
[{"type":"text","content":"\n \nRNS Number : 1659M TT electronics PLC 14 July 2014 \n\n14 July 2014 \n \nTT Electronics plc\n \nAcquisition of Roxspur Measurement & Control Limited\n \n \nTT Electronics plc (\"TT\" or the \"Group\"), an innovative global electronics company supplying world leading manufacturers, today announces the acquisition of Roxspur Measurement & Control Limited (\"Roxspur\"). \n \nRoxspur is a leading UK supplier of temperature, flow, pressure and level sensors, together with calibration services, for critical applications serving global customers in segments including oil and gas, power generation, water management and materials processing. The acquisition, which will form part of the Sensing and Control division, accelerates TT's strategy to develop its position in attractive industrial markets, including process control, complementing the Group's existing technologies and products and providing a platform for future growth. \n \nInitial consideration of £7.5m was paid in cash with a further amount of up to £2.5m payable in cash in 2016 based on the performance of the business in the period from completion to 31 December 2015. The consideration is subject to adjustment based on the net assets delivered. The acquisition will be immediately earnings enhancing. Based on management accounts for the 12 months to 30 June 2014, Roxspur achieved sales of £8.2m and an operating profit of £0.9m. \n \n \n \nCommenting on the acquisition Richard Tyson, G...