3rd Jul 2014 07:10
LONDON (Alliance News) - Building products supplier SIG PLC Thursday said it has bought Netherlands-based air handling products company Inatherm BV for up to EUR7.4 million in cash, a deal that will bolster its existing European air handling products division.
In a statement, SIG said it will pay seller Triple R Holdings EUR4.7 million up front, a deferred payment of EUR0.7 million in January 2016, and then up to EUR2.0 million depending on how Inatherm performs until the end of 2016.
In 2013, Inatherm made a pretax profit of EUR0.6 million. Its gross assets were EUR1.8 million at the end of that year.
SIG's existing European air handling businesses include Air Trade Centre and Ouest Ventil.
SIG shares were down 0.1% at 191.3 pence Thursday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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