Devoto & Co. Facilitates Acquisition of Reid Supply Company for US$32 Million
Posted on August 24, 2011 by Devoto and Co.
Filtrona plc (‘Filtrona’) announces that it has signed an agreement for the acquisition of the assets and business of Reid Supply Company (“Reid Supply”) for a cash consideration of up to US Dollar 32 million, subject to customary adjustments. US Dollar 30 million is payable on completion, with the balance deferred and subject to the achievement of performance targets for the period ending 31 December 2012. Completion is subject to certain administrative conditions and is anticipated within three weeks.
Reid Supply, based in Muskegon, Michigan, is a leading distributor of standard industrial components, including hardware, handles, clamps and fasteners, to a vast range of markets and customers via a catalogue. The business is highly complementary to Filtrona’s Protection & Finishing Products (“PFP”) division.