Leeds Valve News

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.