9th May 2005 07:01
Kingspan Group PLC09 May 2005 9 May 2005 Kingspan Group PLC ("Kingspan") Acquisition of Advanced Thermal Composites Ltd for £20 million Kingspan, a major manufacturer of an integrated range of products for theconstruction industry, is pleased to announce it has acquired 100% of the sharesof Advanced Thermal Composites Ltd ("ATC"). ATC is a manufacturer of composite sandwich panels based in Warrington, Englandand manufactures continuous PIR and discontinuous PU panels, which it suppliesfor use in, inter alia, cold storage and food preparation applications. Theacquisition of ATC complements Kingspan's existing business in the UK. Consideration at completion is £20m, with a further £1m deferred considerationpayable over a period of three years except in certain circumstances. Theconsideration at completion is subject to upwards or downwards adjustment basedon net cash or debt and net assets each as agreed or determined post completion.The total consideration represents a multiple of 6 times historic EBITDA(earnings before interest, tax, depreciation and amortisation) and 6.4 timeshistoric EBIT (earnings before interest and tax). ATC is expected to have net assets, excluding cash, at completion of £3.6m. ATC had aggregated revenue of £15.3m and profit before tax of £3.3m based onaudited accounts for the year ended 31 August 2004. An analyst conference call is scheduled to take place at 12.00 today. Pleasecontact Phil Scott on +353 429698000 for dial up details before 11.45am. For further information contact: Donnchadh O'Neill: Murray Consultants Tel +(353 1) 4980 300Tim Thompson/Jeremy Garcia: Buchanan Communications Tel +(44) 207 466 5000 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
KGP.L