6th Jun 2005 07:31
AGA Foodservice Group PLC06 June 2005 6th June 2005 AGA ACQUIRES WATERFORD STANLEY Aga Foodservice Group plc (Aga) has acquired Waterford Stanley, the Irish basedrange cooker and stoves company, for up to Euros 13.8 million in cash fromPricoa the US financial services group. Waterford Stanley is a market leader inIreland in the cast iron cooker market through its Stanley ranges which arecomparable to Aga's range of Rayburn cookers. Annual unit cooker sales arearound 5,500. Castings are sourced internationally and assembled and enamelledin Waterford. Waterford Stanley also manufactures and distributes 9,000 stovesannually. It has a national dealer network and 18 outlets have become StanleyCentres where a broad range of cookers and stoves are retailed. Waterford Stanley has restructured in recent years closing much of itsmanufacturing capacity and international operations. The costs have held backits financial performance. It made an operating profit of Euros 1.35 million inthe year to 31st March 2005 on turnover of Euros 27 million. Losses afterreorganisation costs and before tax were Euros 1.4 million. At 31st March 2005Waterford Stanley had net liabilities of Euros 1.3 million and net debt of Euros6.9 million including vendor loans repaid at completion. The considerationcomprises Euros 6.9 million for the equity and the remainder is for theassumption of debt. Waterford Stanley employs 170 people of which 80 are in manufacturing inWaterford. Michael Laffan, who has managed the reorganisation in recent years,will continue to lead Waterford Stanley in the enlarged Aga group. With the Irish economy continuing to be healthy and with government-led savingschemes set to mature in 2006, the market outlook for Stanley is encouraging.The company is currently trading satisfactorily. William McGrath, Chief Executive of Aga said: "Strengthening further ourposition as an international leader in premium appliances is central to ourexpansion plans. With Stanley adding to our Aga, Rayburn and Rangemaster lineswe have a tremendous product offering for Ireland, a market where our productrange is very much at home. Stanley is a great Irish brand and will benefit fromour commitment to product development." (-ENDS-) Enquiries: William McGrath, Chief Executive, Aga Foodservice Group plc 0121 711 6015Jonathan Glass/Simon Sporborg, Brunswick 020 7404 5959 NB: Irish corporation tax rate is 12.5% This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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