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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Topaz Responder Saves Refugee Migrants

Topaz Energy and Marine has emerged as an unlikely player in the effort to save refugee migrants risking their lives on the sea crossing from Turkey to Greece’s islands in order to reach Europe.

Globus Maritime Reclassifies Board Member

Globus Maritime Limited, a dry bulk shipping company, announced today that when Georgios Karageorgiou, a Class I director of Globus Maritime Limited  resigned on December 28,

First Panama Canal Water-Saving Basin Filled

The Panama Canal Authority (ACP) announced that the first water-saving basin of the Agua Clara Locks’ upper chamber has been filled to the required level in order

Finance

Sardines Boost Murmansk Port Turnover

In January 2016 turnover of the Murmansk Marine Fishing Port reached 22 thousand tons of cargo, including 15 thousand tons of fish. This is higher than last year,

COSCO Plans European Transhipment Hub

China's COSCO is forging ahead with a plan to build a European transhipment hub, reports Reuters. The state owned shipping giant is expected to make an offer for

MISC Bhd: Revenue Up

Malaysia International Shipping Corporation Berhad (MISC Berhad), a shipping arm of Petronas, has seen an increase of 12.3 percent in its net profit for the 2015

Marine Equipment

Topaz Responder Saves Refugee Migrants

Topaz Energy and Marine has emerged as an unlikely player in the effort to save refugee migrants risking their lives on the sea crossing from Turkey to Greece’s islands in order to reach Europe.

MHI's Entity to Oversee Material Handling Equipment, Engine and Turbocharger Businesses

Today Mitsubishi Heavy Industries, Ltd. (MHI) decided in principle to launch a new wholly owned entity to integrally oversee its current businesses in material

VT Halter Delivers ATB Tug to Bouchard

VT Halter Marine, Inc. announced the delivery of the M/V Morton S. Bouchard Jr., the first of the two 6,000 horsepower Twin Screw Articulated Tug Barge (ATB) tugs to Bouchard Transportation Co.

Mergers & Acquisitions

MHI's Entity to Oversee Material Handling Equipment, Engine and Turbocharger Businesses

Today Mitsubishi Heavy Industries, Ltd. (MHI) decided in principle to launch a new wholly owned entity to integrally oversee its current businesses in material

Cosco Merger May Change Industry Dynamics

The merger between China Shipping group and the Cosco Group has given rise to a mammoth company that could trigger stability and extended consolidation in the global shipping industry,

COSCO Also Eyes Greek Train Network

China's COSCO already the sole bidder for Greece's Piraeus Port. Buying both would give COSCO a European transhipment hub. China's COSCO is expected to make

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Pipelines Salvage Ship Electronics Ship Repair 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: 0.0980 sec (10 req/sec)