Hill & Smith PLC Acquisition of Korns Galvanizing (2160S)
08 Marzo 2023 - 8:05AM
UK Regulatory
TIDMHILS
RNS Number : 2160S
Hill & Smith PLC
08 March 2023
8 March 2023
Hill & Smith PLC
Acquisition of Korns Galvanizing
Hill & Smith PLC ("Hill & Smith" or "the Group"), the
international group creating sustainable infrastructure and safe
transport through innovation, today announces that it has completed
the acquisition of the business and assets of Korns Galvanizing
Company Inc. ("Korns") for a cash consideration of $11.3m
(c.GBP9.4m), on a debt and cash free basis, which will be funded
from the Group's existing banking facilities.
Korns, located in Johnstown, Pennsylvania, has a single site
specialising in spin galvanizing and generated revenues of $5.5m in
2022. The operating profit margin is modestly below the divisional
average, and we would expect this to improve as our operating model
is adopted and operating synergies are realised. Korns has a
customer base spread across a wide range of infrastructure related
end markets, including commercial construction, fire protection,
oil & gas and utilities.
Korns has operated under private family ownership for over
thirty-five years and will be managed by the Group's existing US
galvanizing business team. The acquisition will expand our
production capacity in the key northeastern US market and broaden
the range of galvanizing services we can offer to our existing
customer base.
Alan Giddins, Executive Chair, said:
"The acquisition of Korns is in line with our strategy to
undertake disciplined M&A with a focus on niche markets with
excellent long term growth potential. The acquisition strengthens
our presence in the growing US galvanizing market, brings a
complementary customer base and broadens the services we can offer
to our existing customers. I am delighted to welcome Korns, a
business we know well, and its employees to Hill & Smith."
ENDS
For further information, please contact:
Hill & Smith PLC Tel: +44 (0)121 704 7434
Alan Giddins, Executive Chair
Hannah Nichols, Chief Financial Officer
MHP Tel: +44 (0)20 3128 8613
Reg Hoare
Rachel Farrington
Catherine Chapman
Notes to Editors
Hill & Smith PLC creates sustainable infrastructure and safe
transport through innovation. The Group employs c.4,000 people
worldwide with the majority employed by its autonomous, agile,
customer focussed operating businesses based in the UK, USA,
Australia, India and Sweden. The Group office is in the UK and Hill
& Smith PLC is quoted on the London Stock Exchange (LSE:
HILS.L).
The Group's operating businesses are organised into three main
business divisions:
Galvanizing Services: increasing the sustainability and
maintenance free life of steel products including structural steel
work, lighting, bridges and other products for industrial and
infrastructure markets.
Engineered Solutions: supplying engineered steel and composite
solutions with low embodied energy for a wide range of
infrastructure markets including power generation and distribution,
marine, rail and housing. The division also supplies engineered
pipe supports for the water, power and liquid natural gas markets
and seismic protection solutions.
Roads & Security: supplying products and services to support
road and highway infrastructure including temporary and permanent
road safety barriers, Intelligent Traffic Solutions, street
lighting columns and bridge parapets. In addition, the division
includes two businesses which are market leaders in the provision
of off-grid solar lighting and power solutions. The security
portfolio includes hostile vehicle mitigation solutions, high
security fencing and automated gate solutions.
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END
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