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Rotork PLC Announces Acquisition Of Operating Companies Of Schischek Group

Thursday, 17 Jan 2013 02:00am EST 

Rotork PLC announced the acquisition of the entire share capital of the operating companies of the Schischek group of companies (Schischek). Schischek designs, manufactures and sale of explosion-proof electric actuators, principally for the heating, ventilation, and air conditioning (HVAC) market place. The purchase price is EUR41 million which will be paid using cash reserves and committed bank facilities. Rotork will also be assuming net debt of EUR1.3 million. The sum of EUR4.1 million will be held in escrow for 12 months as security for warranties under the sale agreements. Schischek will become part of Rotork's Controls division. Roland Graf, the current Managing Director of Schischek, will remain in his role following the acquisition. 

Company Quote

32.0 +1.18%
11:35am EDT