21st Sep 2018 08:51
LONDON (Alliance News) - Carr's Group PLC said Friday it acquired animal health products producer Animax Ltd and a related party for up to GBP8.5 million in cash.
The agriculture and engineering company said the acquisition is in line with its strategy to invest in growing the UK and international agriculture markets and enhances its position in the animal health and livestock supplementation markets.
As part of the acquisition, Carr's also bought Clinimax Ltd, a manufacturer of specialist disinfectant products.
Both firms were acquired for an initial cash sum of GBP6 million with an additional GBP2.5 million payable by November 2020 on the achievement of specific financial targets.
For the year ended November 2017, Animax and Clinimax recorded together earnings before interest, taxes, depreciation and amortisation of GBP600,000 and pretax profit GBP300,000.
"Carr's will support the growth and development of Animax through investment in research to develop new products and by investing in manufacturing efficiencies," the FTSE 250-listed company said.
It continued: "In addition, Carr's expects significant manufacturing, distribution and sales synergy benefits to be realised as a result of the acquisition."
Carr's shares were trading up 0.7% at 150.00 pence each.
Related Shares:
Carrs Group