1st Mar 2006 07:04
Laird Group PLC01 March 2006 1 March 2006 The Laird Group PLC announces the acquisition of Bandlock Corporation and Balance UK Limited The Laird Group PLC ("Laird") has strengthened its Laird Security SystemsDivision with two "bolt on" acquisitions which will enhance its growing positionin the building products market, particularly in the US. Bandlock Corporation ("Bandlock") has been acquired for a cash consideration of$17.5 million (£10.1 million) on a debt free basis. In the year to 30 September2005 Bandlock had revenues of $14.0 million (£8.0 million), an increase of 21%over 2004, and generated pro forma operating profits of $3.4 million(£1.9 million). As at 30 September 2005, Bandlock had gross assets of$5.8 million (£3.3 million). Bandlock supplies an extensive range of custom PVC extrusions, mainly for thefenestration and door markets in California, a market which is experiencing goodgrowth. Bandlock will supplement Laird Security Systems' existing extrusionbusiness in the eastern US, and will also enhance its presence on the west coastof the US following the acquisition of Builders Hardware there in September2005. Balance UK Limited ("Balance UK") has been acquired for a cash consideration of£3.5 million on a debt free basis. In the 12 months to 31 December 2005 BalanceUK had revenues of £2.0 million, an increase of 26% over 2004, and generatedoperating profits of £0.6 million. Balance UK supplies a range of heavy duty window balances which are used in themanufacture of vertically sliding windows for a growing niche segment of the UKmarket. Laird is a leading supplier of window balances in the US, and BalanceUK's heavy duty balances will enhance the product range of Laird's USoperations, to which Balance UK will report, allowing sales of these balances toLaird's existing US customers. Commenting on the acquisitions, Peter Hill, Chief Executive of Laird, said: "Laird's strategy is to develop businesses in specialist markets withopportunities for growth. The addition of these products and expertise to ourexisting extrusion and balance businesses, combined with our strong customerrelationships, is a very positive development for the businesses and ourcustomers. By extending these ranges of products Laird Security Systems willfurther enhance its growing position in the building products market,particularly in the United States." For enquiries: The Laird Group PLC The Maitland Consultancy Peter Hill, Chief Executive Brian Hudspith Jonathan Silver, Finance Director Charlotte Barker Tel: 020 7468 4040 Tel: 020 7379 5151 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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