Avon Rubber PLC Acquisition
June 22 2015 - 2:00AM
RNS Non-Regulatory
TIDMAVON
Avon Rubber PLC
22 June 2015
Strictly embargoed until 07:00 22(nd) June 2015
AVON RUBBER p.l.c. ("Avon", the "Group" or the "Company")
Acquisition of Hudstar Systems Inc.
Avon is pleased to report that it has completed the acquisition
of 100% of the share capital of Hudstar Systems Inc. ('Hudstar')
for $5.1million in cash from existing cash resources.
Hudstar is a leading Florida, USA based designer and
manufacturer of electronic control systems used in powered and
supplied air respiratory protection systems, largely for Avon's
award winning Deltair product.
Hudstar is a private US company and thus does not produce
audited accounts. Nevertheless, based on the cost savings that are
expected to be achieved, Avon expects this acquisition to be
modestly earnings enhancing to the Group in its next full financial
year.
Commenting, Peter Slabbert, Chief Executive said, "The addition
of Hudstar's technology and expertise in electronics adds to Avon's
capability and will, in addition to providing short term cost
savings, provide longer term product development opportunities in
this key technology area."
For further enquiries, please contact:
Avon Rubber p.l.c.
Peter Slabbert, Chief Executive 01225 896831
Andrew Lewis, Group Finance Director 01225 896830
Sarah Matthews-DeMers, Group Financial Controller 01225 896835
Weber Shandwick Financial
Nick Oborne 020 7067 0700
Note to editors: The Group has transformed itself over the past
five years into an innovative design and engineering group
specialising in two core markets, Protection & Defence and
Dairy. With a strong emphasis on research and development we
design, test and manufacture specialist products from a number of
sites in the US and UK, serving markets around the world. We
achieve this through nurturing the talent and aspirations of our
employees to realise their highest potential.
Avon Protection is the recognised global market leader in
advanced Chemical, Biological, Radiological and Nuclear (CBRN)
respiratory protection systems technology for the world's military,
homeland security, first responder, fire and industrial markets.
With an unrivalled pedigree in mask design dating back to the
1920's, Avon Protection's advanced products are the first choice
for Personal Protective Equipment (PPE) users worldwide and are
placed at the heart of many international defence and tactical PPE
deployment strategies. Our expanding global customer base now
includes military forces, civil and first line defence troops,
emergency service teams and industrial, marine, mineral and oil
extraction site personnel. All put their trust in Avon's advanced
respiratory solutions to shield them from every possible
threat.
Our world-leading Dairy business and its Milkrite brand have a
global market presence. With a long history of manufacturing liners
and tubing for the dairy industry, Milkrite has become the leading
innovator and designer for products and services right at the heart
of milking. Our goal is always to improve and maintain animal
health. Working with the leading scientists and health specialists
in the global dairy industry we continue to invest in technology to
further improve the milking process and animal welfare. Our
products provide exceptional results for both the animal and the
milker, making the milk extraction process run smoothly. As our
market share and milking experience continue to grow, so does our
global presence.
For further information please visit the Group's website
www.avon-rubber.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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