Mincon Group plc Acquires Marshalls Hard Metals Limited
Mincon Group plc (ESM:MIO AIM:MCON), the Irish engineering group specialising in the design, manufacture, sale and servicing of rock drilling tools and associated products, is pleased to announce that it has acquired, for cash, the business and assets of Marshalls Hard Metals Limited, one of Europe's leading tungsten carbide manufacturers.
The business and assets have transferred to a new company, Marshalls Carbide Limited, which is a 100% owned subsidiary of the Mincon Group. In the 12 month period to the end of December 2014, the business had revenues of approximately GBP 4.25 million, of which sales to Mincon accounted for approximately 20%. There will be minimal disruption to the existing Marshalls business as a result of the change in ownership, and Mincon looks forward to strengthening relationships with existing customers and suppliers alike. Marshalls brings with it a highly skilled workforce of 46 employees and will continue to trade from the same premises in Sheffield, England. Financial terms of the transaction have not been disclosed.
This strategic investment by the Group in the production of tungsten carbide further strengthens Mincon's control over the production process and quality control procedures employed in manufacturing its products.