Associated British Engineering PLC
14 December 2000
Acquisition of Assets of Kelvin Diesels PLC
Associated British Engineering Plc ('ABE') today announces that its subsidiary
British Polar Engines Limited ('British Polar') has entered into an agreement
to acquire the fixed assets and goodwill from Kelvin Diesels Plc for the sum
of £93,500 cash together with the related working capital.
The Kelvin Diesels business is a long established Glasgow based manufacturer
of diesel engines mainly for fishing vessels and its current business
comprises the sale of diesel engines, propulsion packages and related spares
and services. These are complementary to British Polar's existing activities
in the medium speed diesel market. The Kelvin business will be fully
integrated onto the British Polar's existing site and extend its range.
It is believed that the acquisition will bring operating efficiencies and will
enable British Polar to become a substantial independent provider of diesel
services to the marine industry worldwide from its Glasgow base.
Enquiries to:
Associated British Engineering PLC
Kirsten M Hill - Finance Director Tel: 01252 851895
Rupert A Pearce Gould - Chairman Tel: 01223 870768