Hamworthy Acquires AW Flow Holdings

press release
Wednesday, October 05, 2011

Hamworthy, a designer and manufacturer of innovative marine and offshore fluid handling systems, announces that it has acquired 100 per cent of the issued share capital of AW Flow Holdings Limited ("AW Flow") and its subsidiary undertakings, a UK based specialist valve manufacturer for the oil and gas sector.

 

The consideration is £24 million on a debt free/cash free basis, funded entirely from Hamworthy's own cash reserves.  £21.6 million was paid on completion with a further £2.4 million of deferred consideration payable over the next two years. In the year to 31 October 2010 AW Flow had revenue of £20.2 million and pre-tax profit of £4.6 million in respect of its continuing businesses.  Consolidated net assets at 31 October 2010 were £14.2 million of which £9.0 million was subsequently distributed by way of net dividend.  The business employs 141 people.
 

AW Flow includes the well-known brands of Shipham Valves, Leeds Valve, John Mills Valves and Robert Cort.  Its range of valves are highly complementary to Hamworthy's existing pump range and the acquired business will be merged with the Group's Pumps Systems business to form a new division, Hamworthy Flow Solutions. Commenting on the acquisition, Joe Oatley, Chief Executive of Hamworthy, said: "The acquisition expands Hamworthy's position and scope in the oil and gas market, in particular for offshore applications, as well as access to the down-stream terminals and refinery markets.  AW Flow's product and market expertise will complement Hamworthy's financial, technical and global sales resources."

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Three More Workboats for Jordan

Sanmar Shipyards delivered three more vessels to the Aqaba Port Marine Services Company (APMSCO) for the Sheikh Subah Al Ahmad Al Subah LNG terminal at Aqaba, Jordan.

ASL Shipyard Secures S$140mln Build Contracts

ASL Shipyard Pte Ltd. a wholly-owned subsidiary of ASL Marine Holdings Ltd., has secured new shipbuilding contracts worth approximately S$140 million for the construction

Oil Steadies as Equities Rally

Recovering stock markets boost oil prices; U.S. crude on track for first weekly gain in nine weeks. Oil prices steadied on Friday after bouncing back from six-and-a-half-year

Finance

Med Crude-Russian Urals Edges Lower in Med, Baltic

Russian Urals crude weakened in the Mediterranean and in the Baltic on Friday, while trading activity was limited ahead of a long holiday weekend in Britain, traders said.

Oil Plunge Deepens High-yield Gloom

US crude fell to a more than six-year low this week, clouding the picture for a high-yield energy sector that already faces a significant cull when credit lines are reevaluated in autumn.

NASSCO Invests in Facilities, Equipment and People

General Dynamics NASSCO has invested several hundred million in capital projects as part of its efforts to increase efficiencies via  modular shipbuilding, including:

Marine Equipment

MN 100: ContainerTug B.V.

The Company: ContainerTug B.V. is a specialized Dutch naval design engineering and construction company with a strong focus on developing workboats and the evaluation

Exhaust Gas Scrubber Guide Updated

An updated version of the “Exhaust Gas Cleaning Systems Selection Guide” is now available, the U.S. Maritime Administration (MARAD) announced today.   Developed

NASSCO Invests in Facilities, Equipment and People

General Dynamics NASSCO has invested several hundred million in capital projects as part of its efforts to increase efficiencies via  modular shipbuilding, including:

Mergers & Acquisitions

IRS Opens Office in Abu Dhabi

Indian Register of Shipping (IRClass), a leading Classification Society, today announced it has opened offices in Abu Dhabi. Abu Dhabi is the second office

CFSAI Shifts to New Office in New Mumbai

Container Freight Station Association of India (CFSAI) has set up a full-fledged Secretariat and moved to its new office at “Anchorage Building” in Dronagiri  Node on 26th August 2015.

Hapag-Lloyd Continues on Path for Profits

Merger with CSAV is expected to deliver $100 million higher synergies than targeted, strong operating results, significant increases in transport volume and revenue

 
 
Maritime Standards Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1493 sec (7 req/sec)