09 April 2014
Carr's, the fully-listed Agriculture, Food and Engineering group, is pleased to announce the acquisition of the entire issued share capital of Chirton Engineering Limited ("Chirton"), a subcontractor in the precision engineering component space. The initial cash consideration payable is £2.75m. Subject to certain criteria being met in the 5 year period following the acquisition, an additional cash amount, subject to an earn-out mechanism and capped at £2.55m, could become payable.
Chirton provides value-added manufacturing and services to businesses operating in offshore oil and gas manufacturing. Based in North Shields, it services an established global customer base, including IHC Merwede, Oceaneering, and Proserv Offshore. Recently it expanded into component manufacturing for high-end motor manufacturers such as McLaren as part of a strategy of collaborative innovation with its core customer base.
The business, which employs 52 people, will sit within Carr's Engineering division. Chirton's management team, including Managing Director Paul Stewart, will remain with the business to drive its continued development and growth.
Commenting on the acquisition Tim Davies, CEO said: "We are thrilled to be acquiring Chirton Engineering. The business and its management team are recognised in their industry and Chirton is renowned for delivering quality product innovation to its customers. The business will contribute to the ongoing development of our innovation programme within our Engineering division and we look forward to welcoming the new team into the Group."
|Carr's Group plc||Tel: +44 (0) 1228 554 600|
|Tim Davies (Chief Executive)|
|Neil Austin (Group Finance Director)|
|Katie Sinclair (Company Secretary)|
|Powerscourt||Tel: +44 (0) 20 7250 1446|