Rotork make £34m Swiss-German acquisition
British-based manufacturing firm Rotork acquired the entirety of Swiss-German designer and manufacturer Schischek.
The bought firm makes and sells explosion-proofs electric motors, or actuators, that power control mechanisms for air systems such as heating and ventilation.
Rotork, which is also an actuator manufacturer, said it purchased Schischek’s operating companies for €41m (£34.08m), which will be paid using cash reserves and “committed bank facilities.”
The Swiss-German firm, which has bases in Lutzenburg in Switzerland and Langenzenn, near Nuremberg, will be brought in under Rotork’s control’s division and Schischek’s managing director, Roland Graf, will remain in his current position.
Rotork will assume the bought firm’s net debts of €1.3m (£1.08m) and a sum of €4.1m (£3.41m) will be held in escrow for a year as a security payment for warranties under the sale agreements.
Peter France, chief executive of Rotork, commented: “Schischek is an excellent addition to Rotork’s Controls division.
“Schischek’s explosion-proof products, which are highly regarded for their quality and reliability, will enhance our range of electric actuators and enlarge our addressable market.”
This was posted in Bdaily's Members' News section by Miranda Dobson .