1/3/2012 12:01:00 AM
HEADLINES
Filtrona Completes Acquisition of Richco
UK-based Filtrona plc agreed to acquire Richco Inc. for US$110 million cash. The deal is expected to close in early 2012, conditional upon certain administrative provisions, primarily clearance from the German competition authorities.
Founded in 1954, Richco is an international designer, manufacturer and distributor of engineered plastic and elastomeric solutions for fastening and cable management applications. Its markets include consumer electronics, industrial, telecom / datacom and white goods / appliances. It has four manufacturing sites and nine other distribution sites in the U.S., Europe and Asia.
Based in Chicago, Richco generates over 70% of its revenues outside North America, with management, manufacturing, engineering and sales and marketing in North America, Europe and Asia.
In 2010 Richco generated net sales of US$71.4m, EBITDA of US$11.9m and EBIT of US$8.8m. Total assets as at this date were US$37.2m. For the year ending 31 December 2011, Richco’s current estimates indicate net sales in the region of US$78 million, EBITDA of around US$12.5m and EBIT of US$9.5m.
Richco will be reported under the Filtrona’s Protection & Finishing Products (“PFP”) division.
“Not only does Richco expand our product range in plastic fastening and cable management products,” stated Filtrona CEO Colin Day, “but also it gives us broader access to new, attractive growth end markets such as consumer electronics.”
“In addition, Richco consolidates our position in existing geographies, as well as gives us access to certain new markets in which the PFP division is not currently present in both Europe and Asia.”
In August Filtrona signed an agreement to acquire Reid Supply Co. for as much as $32 million.
Muskegon, MI-based Reid Supply distributes fasteners and other standard industrial components throughout the U.S. and 57 other countries, and will become part of Filtrona’s Protection & Finishing Products (“PFP”) division.
Founded in 1948 by Liberty Reid, Reid Supply supplies fasteners and other standard industrial components to manufacturing, CAD and engineering, transportation construction, food processing, packaging, energy, government, aerospace and medical markets. Web: reidsupply.com
Filtrona is headquartered in Milton Keynes, England, and supplies speciality plastic and fibre products. The company has 3,160 employees in 29 manufacturing facilities, 41 sales and distribution operations and six R&D centers. Web: filtrona.com ©2011 GlobalFastenerNews.com
UK-based Filtrona plc completed its acquisition of Richco Inc. for US$110 million cash.
Founded in 1954, Richco is an international designer, manufacturer and distributor of engineered plastic and elastomeric solutions for fastening and cable management applications. Its markets include consumer electronics, industrial, telecom / datacom and white goods / appliances. It has four manufacturing sites and nine other distribution sites in the U.S., Europe and Asia.
Based in Chicago, Richco generates over 70% of its revenues outside North America, with management, manufacturing, engineering and sales and marketing in North America, Europe and Asia.
In 2010 Richco generated net sales of US$71.4m, EBITDA of US$11.9m and EBIT of US$8.8m. Total assets as at this date were US$37.2m. For the year ending 31 December 2011, Richco’s current estimates indicate net sales in the region of US$78 million, EBITDA of around US$12.5m and EBIT of US$9.5m.
Richco will be reported under the Filtrona’s Protection & Finishing Products (“PFP”) division. Web: richco-inc.com
The Richco acquisition comes months after Filtrona bought Reid Supply Co. for an estimated $32 million.
Muskegon, MI-based Reid Supply distributes fasteners and other standard industrial components throughout the U.S. and 57 other countries, and is part of Filtrona’s Protection & Finishing Products (“PFP”) division.
Founded in 1948 by Liberty Reid, Reid Supply supplies fasteners and other standard industrial components to manufacturing, CAD and engineering, transportation construction, food processing, packaging, energy, government, aerospace and medical markets. Web: reidsupply.com
Filtrona is headquartered in Milton Keynes, England, and supplies speciality plastic and fibre products. The company has 3,160 employees in 29 manufacturing facilities, 41 sales and distribution operations and six R&D centers. Web: filtrona.com ©2011 GlobalFastenerNews.com
Share: