Business
Acquisition of Universal Refractories, Inc
Acquisition of Universal Refractories, Inc.
About this update from Vesuvius Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 4121U\n Vesuvius plc\n 02 December 2021\n \n \n \n \n 2 December 2021\n \n \n Vesuvius plc\n \n \n \n \n \n Acquisition of Universal Refractories, Inc.\n \n \n \n \n \n Vesuvius plc, a global leader in molten metal flow engineering and technology, has signed an agreement to acquire the assets and substantially all of the liabilities of Universal Refractories, Inc. (\"Universal\"), a specialty refractory producer based in Pennsylvania, USA, which is focused on tundish (steel continuous casting) applications (75% of sales) as well as consumable products for the foundry industry (25% of sales).\n \n \n Universal's unaudited revenue and EBITDA in the trailing 12 months to October were $40.5m and $8.6m, respectively. T\n he acquisition will generate attractive synergies and will be accretive to Group return-on-sales even before synergies are considered.\n \n \n The transaction values Universal at US$57.1 million (£42.6 million) on a cash and debt free basis and will be funded from Vesuvius' internal resources. \n \n \n The acquisition is expected to close early next week.\n \n \n Patrick\n \n André, Chief Executive of Vesuvius, commented:\n \n \n \n \"Universal is a strategically important acquisition for Vesuvius, which significantly expands Vesuvius' North American presence amongst electric arc furnace steel producers in our focus area of steel tundish applications, while also further strengthening our Foundry business. The financial rationale is compelling and we look forward to \n \n \n welcoming our new colleagues onboard and \n \n \n working with the Universal team to continue its strong track record of value creation.\"\n \n \n \n For further information, please contact:\n \n \n \n \n \n Patrick André, Chief Executive\n \n \n \n \n +44 (0) 207 822 0000\n \n \n \n \n \n \n Guy Young, Chief Financial Officer\n \n \n \n \n +44 (0) 207 822 0000\n \n \n \n \n \n \n Euan Drysdale, Group Head of Corporate Finance\n \n \n \n \n +44 (0) 7584 641 315\n \n \n \n \n \n \n \n \n About Vesuvius plc\n \n \n Vesuvius is a global leader in molten metal flow engineering and technology principally serving the steel and foundry industries.\n \n \n \n \n \n We develop innovative and customised solutions, often used in extremely demanding industrial environments, which enable our customer...