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 Tomkins Acquires A.E. Hydraulics Of Singapore; Terms Undisclosed [TKS]

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sandy2693

sandy2693


Number of posts : 14
Registration date : 2008-03-03

Tomkins Acquires A.E. Hydraulics Of Singapore; Terms Undisclosed [TKS] Empty
PostSubject: Tomkins Acquires A.E. Hydraulics Of Singapore; Terms Undisclosed [TKS]   Tomkins Acquires A.E. Hydraulics Of Singapore; Terms Undisclosed [TKS] EmptyMon Mar 03, 2008 8:13 pm

3/3/2008 6:20:55 AM Tomkins Plc (TKS, TOMK.L, TOMKF.PK) on Monday said it took over A.E. Hydraulics (Pte) Ltd., a Singapore-based provider of hydraulic and industrial hose solutions and services for the Asian oil exploration industry. Terms of the deal were, however, not disclosed.

The London, U.K.-based global engineering and machinery group Tomkins noted that the acquisition builds on its Fleximak business and will allow the Gates unit to accelerate its market expansion into the high-growth market for oil and gas exploration.

A.E. Hydraulics, established in 1999, had reported annual sales and gross assets of about US$ 14.3 million and US$ 5.8 million, respectively, in 2007.

Commenting on the acquisition, James Nicol, chief executive officer, Tomkins, said, “this strategically important acquisition in Asia. A.E. Hydraulics (Pte) Ltd. provides our Gates business with a distribution network, through which we can channel some of our other hose and fittings products, while building out our service platform in the high growth market for oil and gas exploration.”

TKS closed on the NYSE at $13.49, down $0.69, on a volume of 106,200 shares.

TOMK.L is currently trading on the LSE at 169.25 pence, down 0.75 pence, or 0.44%, with 2.36 million shares.
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