Redhall says aquisition will boost its presence in global oil and gas markets
Redhall has acquired York-based Mount Engineering for 拢16.42m.
The 拢65.4m-turnover engineering company specialising in defence and energy offered to buy out Mount shareholders at 70p a share.
Mount saw its revenue shrink in the six months to 30 June from 拢5m to 拢4.6m.
Alan McClue, executive chairman of Mount said: 鈥淲e believe that integrating Mount鈥檚 brand leading products into Redhall鈥檚 specialist manufacturing business focussing on high hazard markets will assist Redhall in the development of those global markets.鈥�
鈥淲e believe that the offer represents a good opportunity for Mount shareholders who wish to realise their investment.鈥�
David Jackson, executive chairman of Redhall, said: 鈥淲e are delighted to bring the Mount business into the Redhall Group.鈥�
鈥淲e believe this acquisition will deliver significant improvement in operating margin and will strengthen the Redhall Group鈥檚 presence within the global oil and gas markets, furthering our ability to cross-sell the Redhall brand within our expanding client base.鈥�
No comments yet