REG - TT electronics PLC - Acquisition of Roxspur <Origin Href="QuoteRef">TTG.L</Origin>

TT electronicsAnnouncement

06/09/2014 16:25

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RNS Number : 1659M
TT electronics PLC
14 July 2014 
 
14 July 2014 
 
TT Electronics plc 
 
Acquisition of Roxspur Measurement & Control Limited 
 
TT 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"). 
 
Roxspur 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. 
 
Initial 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. 
 
Commenting on the acquisition Richard Tyson, Group Chief Executive, said
today: 
 
"We have a clear strategy to achieve sustainable organic growth and further
improve margins.  We are actively looking for opportunities to accelerate this
organic development with complementary acquisitions, including in industrial
sensing and control. Roxspur brings us new customers and additional
capabilities; integrated with our Sensing and Control operations, Roxspur will
support further investment in our strategic objectives. 
 
We look forward to working with all of the employees at Roxspur to develop the
business and I would like to take this opportunity to welcome them to the
Group" 
 
Enquiries: 
 
 TT Electronics plcRichard Tyson, Group Chief ExecutiveShatish Dasani, Group Finance Director  Tel:  01932 825300   
                                                                                                                    
 Hudson SandlerAndrew Hayes/Wendy Baker/Katie Matthews                                         Tel:  020 7796 4133  
 
 
Note: 
 
This statement contains certain forward-looking statements.  Such statements
are made by the Directors in good faith based on the information available to
them at the time of the announcement and they should be treated with caution
due to the inherent uncertainties underlying any such forward-looking
information. 
 
This information is provided by RNS
The company news service from the London Stock Exchange