7th Aug 2023 11:28
(Alliance News) - Avingtrans PLC on Monday announced that its subsidiary Hayward Tyler Fluid Handling Ltd bought assets of Slack & Parr Ltd.
Avingtrans is a Cambridgeshire, England-based company which designs, manufactures and supplies critical components, modules, systems and associated services to the energy, medical and industrial sectors.
Slack & Parr is a manufacturer of specialist pumps and a supplier of high-precision gear metering pumps, hydraulics flow dividers and industrial pumps.
Avingtrans said Hayward bought the assets for a total of GBP4.9 million, which includes GBP2.6 million to buy certain UK assets and the shares in Slack & Parr's USA & Asia subsidiaries. Further, for GBP2.3 million Hayward bought certain leased assets subject to and to be satisfied by lease financing.
"The acquisition is expected to further strengthen Slack & Parr's market presence, improving operational efficiency and reinforcing its position as a leading force in the gear pump market, embracing innovation and delivering world-class products and services," Avingtrans said.
Slack & Parr had entered into administration last month due to ongoing losses and funding issues, with a financial 2022 revenue of GBP13.6 million and a pretax loss of GBP1.9 million.
Meanwhile, Avingtrans noted that a majority of Adaptix shareholders have accepted Avingtrans's offer to buy the company for about GBP3.0 million. The acquisition of the Oxford-based medical technology firm can now proceed to completion.
Avingtrans shares were 1.7% higher at 427.00 pence each in London on Monday morning.
By Tom Budszus, Alliance News reporter
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