11th Dec 2007 07:01
Senior PLC11 December 2007 Senior plc acquires Absolute Manufacturing, Inc. Senior plc ("Senior") is pleased to announce that it has acquired 100% of theissued share capital of Absolute Manufacturing, Inc. ("Absolute"), amanufacturer of precision machined parts principally for the aerospace industry,based in Arlington, Washington State, USA. The consideration for the purchasewas US$14.6m (£7.1m(1)), which was paid through a combination of cash atcompletion and the assumption of net debt on acquisition. The acquisition isexpected to be immediately earnings enhancing. Absolute specialises in the machining and assembly of critical high precisioncomponents for the jet engine, commercial aerospace, defence and industriallaser markets. Absolute, which has nearly doubled its turnover during the lasttwo years, is known for developing specialised processes and producing difficultto manufacture parts with consistent quality and reliability. Absolute was formed in 1996 by its current owners, Andy Lubresky and JohnMiddleton. Following its acquisition by Senior, Andy Lubresky will continue torun the business, which will become a business unit within the Group's existingand much larger, Senior Aerospace AMT operation. Absolute is located inbuildings adjacent to those of AMT. For the year to 31 December 2007, Absoluteis forecast to have sales of US$ 14.1m (£6.9m(1)) and profit before interest andtax of US$ 2.3m (£1.1m(1)). In the five weeks since the 7 November Interim Management Statement, Senior'strading has been ahead of the Board's expectations. Commenting on the acquisition, Graham Menzies, Senior Group Chief Executive,said: "The acquisition of Absolute, a highly successful operation, further enhancesthe Group's aerospace presence and capabilities and I am delighted to welcomeAndy and the employees of Absolute to the Group." Notes (1) The exchange rate used for the above £ sterling equivalents is $2.05: £1 being the rate prevailing at the close of business on 10 December 2007. For further information please contact: Graham Menzies, Group Chief Executive, Senior plc 01923 714702Mark Rollins, Group Finance Director, Senior plc 01923 714738 Adrian Howard, Finsbury Group 020 7251 3801 This announcement, together with other information on Senior plc may be found at: www.seniorplc.com Note to Editors: Senior is an international manufacturing group with operations in elevencountries. Senior designs, manufactures and markets high technology componentsand systems for the principal original equipment producers in the worldwidecivil aerospace, defence, diesel engine, exhaust system and energy markets. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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