Rotork plc announces the acquisition of M&M International Srl
Rotork p.l.c. ("Rotork"), the market-leading actuator manufacturer and flow control company, today announces the acquisition of M&M International Srl ("M&M"), a subsidiary of Spirax-Sarco Engineering plc.
M&M, based in Bergamo, Italy, is a leading manufacturer of solenoid valves, piston actuated valves and automatic drain valves for use in commercial and industrial flow control industries.
The enterprise value of the acquisition is €9.7 million payable in cash. The purchase will be funded from existing committed bank facilities. In 2014, based on audited accounts, M&M generated operating profit of €1.5 million on turnover of €8.9 million.
M&M will sit within the Rotork Instruments division.
Commenting on the acquisition, Peter France, Chief Executive, said:
"M&M is an excellent addition to our Instruments division which will complement Rotork Midland and provide a focal point for solenoid valve and piston actuated valve manufacturing within the Group. This acquisition supports our strategy of broadening our product portfolio and expanding our addressable markets, and we look forward to leveraging our global sales network to support the growth of M+M as part of Rotork."