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8/12/2019 Purchaser Analysis
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Purchaser Analysis
March 2014
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SECTION 1: 7 RECOMMENDED COMPANIES
SECTION 2: 13 RESERVE COMPANIES
SECTION 3: 47 REJECTED COMPANIES
Purchaser Analysis
Contents
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COMPANY NAME COUNTRY
FREUDENBERG GMBH Germany
ITRAN-TOMPKINS RUBBER CORP USA
LORD CORP USA
PHOENIX AG Germany
SEMPERIT HOLDING AG Austria
TOTAL SA France
TRELLEBORG AB Sweden
Purchaser Analysis
Recommended Companies (7)
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N/A
P/E Ratio: N/A
Market Capitalisation (m): N/A
Accounting Reference: Dec-01 Dec-00 Dec-99
Turnover (m): 2,681 2,705 N/A
PBT (m): 142.3 130.0 N/A
Share price movement: N/A
Acquisition Previous relevant deal summary:
criteria:
Date Target Deal value PE ratio
Jul-02 N/A N/A
Strategy: Jul-02 N/A N/A
Jul-99 N/A N/A
N/A
Freudenberg is a manufacturer of elastomers and plastics such as mechanical seals,
moulded plastic components, anti-vibration products, non-wovens, special lubricants and
floor coverings. It serves the automotive, transportation, household products, footwear,
medical, construction, engineering, textile and IT industries. The Group has over 28,000
employees and operations in 44 countries. In June 1999, it merged its anti-vibration
product operations with those of Phoenix AG to create a joint-venture called Vibracoustic.
In February 2004, Max Kley stated that Freudenberg is acquisitive and interested in
acquisitions involving manufacturers of sealing components, rubber products, non-wovens,
household products and special lubricants that would reinforce the position of its existingbusinesses. The Group is likely to be selective in its acquisitions and is primarily interested
in opportunities valued at between 10 million and 100 million.
Stock Exchanges:
Current Share Price:
Freudenberg's Simrit division is a manufacturer of hydraulic and pneumatic components,hydro-accumulators, rubbers seals and rings, diaphragms, bellows, elastomer composite
parts, precision mouldings and vibration control products used in the construction,
electrical and mechanical engineering, energy, food, healthcare, materials handling and
production engineering industries. In 2001, UK subsidiary Freudenberg Holdings Ltd had a
turnover of 12.1 million and made pre-tax profits of 0.6 million.
Freudenberg is focused primarily on acquisitions in its core areas in Europe and the USA,
while refraining from entering any new markets or pursuing diverse revenue streams.
Although Max Kley was unaware of any potential capacity at Freudenberg's Lutterworthplant, our IMAP partners In Germany have an existing relationship with the Group, believe
that it would be particularly interested in Silentbloc and recommend approaching it with this
opportunity.
NuSeals Inc - US manufacturer of
sealing products
Transcom Inc - US manufacturer of
automotive components
Farnam Mellor Sealing Systems Inc -US gasket manufacturer
Conclusion:
Company:
Country:
Web Site:
Contact:
Position:
Activities:
RECOMMENDED COMPANIES
Mergers & Acquisitions Director
Max Kley
www.freudenberg.com
Germany
FREUDENBERG GMBH
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N/A
P/E Ratio: N/A
Market Capitalisation (m): N/A
Accounting Reference: Dec-02 Dec-01 Dec-00
Turnover (m): 62.0 49.7 45.0
PBT (m): 3.9 2.2 1.9
Share price movement: N/A
Acquisition Previous relevant deal summary:
criteria:
Date Target Deal value PE ratio
Apr-02 N/A N/A
Strategy:
N/A
Itran-Tompkins is a manufacturer of engineered custom-moulded rubber and elastomeric
products including rubber-to-metal bonded assemblies for the automotive, pharmaceutical,
precision engineering, process engineering and railway industries. Its range of services
include rubber mixing and compounding, compression, transfer and injection moulding.
The Company's customers include C&D Power, Eastman Kodak, Homelite, IBM, Mercury
and Pitney Bowes.
In February 2004, Rich Docherty stated that Itran-Tompkins is acquisitive and interested in
any manufacturers of elastomeric and rubber-to-metal bonded components such as
vibration dampers, mounts, bumpers, valve diaphragms, grommets, seals and bellows forthe automotive, pharmaceutical, precision engineering, process engineering and railway
industries. Any targets must have blue-chip customers and be valued at between 2 million
and 15 million.
Stock Exchanges:
Current Share Price:
No stated strategy to report.
Rich Docherty stated that Itran-Tompkins has considered acquisitions outside the US in thepast and that any opportunities for manufacturing to be transferred to its plant in New
Jersey would be considered.
Belko Corp - US manufacturer of
moulded and extruded rubber products
Conclusion:
Company:
Country:
Web Site:
Contact:
Position:
Activities:
RECOMMENDED COMPANIES
President
Rich Docherty
www.itran-tompkinsrubber.com
USA
ITRAN-TOMPKINS RUBBER CORP
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N/A
P/E Ratio: N/A
Market Capitalisation (m): N/A
Accounting Reference: Dec-02 Dec-01 Dec-00
Turnover (m): 222.0 211.7 N/A
PBT (m): 6.4 13.2 N/A
Share price movement: N/A
Acquisition Previous relevant deal summary:
criteria:
Date Target Deal value PE ratio
Aug-01 N/A N/A
Strategy: Mar-00 N/A N/A
Feb-99 N/A N/A
RECOMMENDED COMPANIES
Chief Executive Officer / Vice-President, External Growth & Acquisitions
Richard McNeel / Steve Brockman
www.lord.com
USA
LORD CORPCompany:
Country:
Web Site:
Contact:
Position:
Activities:
Lord's acquisition of Metal Gomma SpA, now called Lord Metal Gomma, allowed it to grow
its worldwide vibration, shock and noise control manufacturing operation and it has since
been supplying the business with sales and technical support to facilitate its growth.
We would recommend approaching Lord with this opportunity as Steve Brockman statedthat the Group would consider transferring any acquired manufacturing facilities to its
existing plants as long as there were sufficient product synergies.
BalaDyne Corp - US manufacturer of
vibration dampening equipment
Metal Gomma SpA - Italian
manufacturer of technical rubber
products
Oberflaechenchemie GmbH - Germanmanufacturer of adhesives and
coatings
Conclusion:
N/A
Lord is a designer and manufacturer of adhesives, polyurethane coatings and bonded
elastomer assemblies. Its products include motion and noise control equipment, anti-
vibration and anti-shock components, rubber-to-metal bonded isolators, couplings and
bearings, fluid-filled dampers, bushings and mounts, elastomeric rail fastening systems,
fender mounts, grommets and seals for the aerospace and aviation, automotive and heavy
truck, construction, defence, electronics, engineering, marine, process and railway
industries. It has nine manufacturing plants in the USA and has operations in Japan, Brazil,
the UK, Korea, China and Mexico and employs over 2,200 employees worldwide.
In February 2004, Steve Brockman stated that Lord is in the process of devising a new plan
for international growth. It is therefore interested in acquisition opportunities involving
manufacturers of rubber and elastomeric components used in vibration, shock, motion andnoise control in the automotive, defence and transportation industries, especially for
aircraft, off-road and agricultural vehicles, trains and trucks. It would consider opportunities
valued at between 10 million and 50 million.
Stock Exchanges:
Current Share Price:
UK subsidiary Lord Corp Europe Ltd is engaged in the sale and distribution of the Group'sproducts. In 2002, it had a turnover of 13.6 million and made pre-tax profits of 2.1 million.
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10.16
P/E Ratio: 8.9
Market Capitalisation (m): 103.7
Accounting Reference: Dec-02 Dec-01 Dec-00
Turnover (m): 799.6 801.0 685.6
PBT (m): 2.0 7.7 14.8
Share price movement:
Acquisition Previous relevant deal summary:
criteria:
Date Target Deal value PE ratio
Jul-00 N/A N/A
Strategy: Apr-00 N/A N/A
Frankfurt (PHO)
Phoenix is engaged in the manufacture of acoustic systems and rubber products for the
automotive, railway, construction and industrial markets. Its products include air-
conditioning hoses, coolant hoses, fuel hoses, sound and vibration insulation systems,
coated fabrics, conveyor belts, dredging hoses, elastomeric products, building extrusions,
hydraulic hoses, oil exploration hoses and waterproof sheeting. It also operates rubber
compounding plants. The Group employs over 10,000 people and has operations in
Europe, North America and Asia. WestLB and Daun, a German investment firm, own
nearly 40% of Phoenix.
In December 2003, Hans-Joachim Zwarg stated that Phoenix is currently selling two of its
non-core manufacturers of elastomeric products for the building industry. However, the
Group has adopted a new strategy following the recent acquisition of a 24.9% stake byDaun & Cie. It would therefore be interested in selective acquisitions involving businesses
that would generate cost-savings and synergies with the rest of the Group. Areas of
particular interest include of anti-vibration and insulation components, fluid handling
products, conveyor belts, engine mounts and other rubber-to-metal bonded products.
Stock Exchanges:
Current Share Price:
In June 1999, Phoenix merged its anti-vibration product operations with those ofFreudenberg GmbH to create a joint-venture called Vibracoustic.
Phoenix is planning to double its revenues by 2005 through acquisitions and the relocation
of some of its manufacturing operations to China, the Czech Republic, Hungary, India,
Malaysia and Poland.
Although Phoenix is currently focusing on the disposal of its non-core businesses, theGroup may be interested in all or part of Silvertown.
Unipoly SA - Dunlop oil and marine
hose manufacturing subsidiary
K&B Beattie Ltd - manufacturer of hose
systems for the oil industry
Conclusion:
Company:
Country:
Web Site:
Contact:
Position:
Activities:
RECOMMENDED COMPANIES
Chief Financial Officer
Hans-Joachim Zwarg
www.phoenix-ag.com
Germany
PHOENIX AG
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14.56
P/E Ratio: 12.3
Market Capitalisation (m): 202.2
Accounting Reference: Dec-02 Dec-01 Dec-00
Turnover (m): 304.0 275.6 257.2
PBT (m): 28.5 26.5 22.5
Share price movement:
Acquisition Previous relevant deal summary:
criteria:
Date Target Deal value PE ratio
Oct-02 N/A N/A
Strategy: May-02 5.6 18.0
Nov-00 N/A N/A
RECOMMENDED COMPANIES
Chief Executive Officer
Rainer Zellner
www.semperit.at
Austria
SEMPERIT HOLDING AGCompany:
Country:
Web Site:
Contact:
Position:
Activities:
Semperit is focused on delivering year-on-year sales and profit growth, a trend that it has
maintained for 13 years.
Our IMAP partners in Austria have an on-going relationship with Semperit and are awarethat the Group is experienced in both relocating high-cost manufacturing operations and
spinning-off unwanted parts of larger acquisitions.
Phoenix AG - Knapheide industrial
hydraulic hose manufacturing division
Stomil Belchatow SA - Pol ish
manufacturer of rubber products
Nirlon Ltd - Indian conveyor beltmanufacturer
Conclusion:
Vienna (SEM)
Semperit is a manufacturer of a wide range of moulded rubber products including anti-
vibration components, cables, conveyor belts, escalator handrails, hoses, pipe fittings,
profiles, rubber gloves, rubber sheeting, sponge rubber and seals. Its products are used in
automotive, leisure, mechanical engineering, medical, railway and transportation
applications.
In February 2004, Rainer Zellner stated that Semperit is currently focusing on transferring
its manufacturing operations to lower-cost countries in Eastern Europe and the Far East.
However, the Group has a history of making niche, bolt-on acquisitions and would beinterested in any opportunities involving manufacturers of rubber belting and sheeting, as
well rubber components used in transportation applications. Any acquired manufacturing
operations would be considered for relocation provided that the distribution network and
client relationships were unaffected.
Stock Exchanges:
Current Share Price:
Semperit's Semperform division is engaged in the manufacture of moulded rubber andplastic industrial products including anti-vibration components, escalator handrails and
profiles. Its Sempertrans division is engaged in the manufacture of steel reinforced
conveyor belts and cable carcasses for cable car systems.
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143.2
P/E Ratio: 13.6
Market Capitalisation (m): 62,588
Accounting Reference: Dec-02 Dec-01 Dec-00
Turnover (m): 72,649 74,405 80,954
PBT (m): 7,128 9,008 9,819
Share price movement:
Acquisition Previous relevant deal summary:
criteria:
Date Target Deal value PE ratio
Jun-00 N/A N/A
Strategy: Sep-99 69.5 10.2
Paris (FP)
Total, formerly Total Fina Elf SA, is the worldsfourth largest oil and gas business engaged
in the exploration, production, shipping, refining and sale of oil and gas, as well as
chemical formulation and the manufacture of a wide range of polymers, resins, adhesives
and elastomers. The Group has over 121,000 employees and operations worldwide.
In December 2003, Jean-Luc Falaut stated that Hutchinson is acquisitive and interested in
any opportunities involving manufacturers of elastomeric mountings and bearings used in
the automotive, marine, aerospace, defence, power generation, railway and medicalequipment sectors. It would particularly interested in opportunities that would fit with its
Barry Controls, Claropan, Paulstra and Vibrachoc brands and allow it to consolidate its
leading position in the European elastomeric products market.
Stock Exchanges:
Current Share Price:
Total Fina Elf's Atofina division is a leading manufacturer of base chemicals, commodity
polymers, adhesives, performance polymers and speciality chemicals. Subsidiary
Hutchinson SA is engaged in the production of rubber products for the automotive,
electronics, aerospace, consumer, leisure, transport, packaging, construction and civil
engineering industries in Europe, North America and Asia. Its brands include Barry
Controls, Claropan, Mapa Spontex, Paulstra, Stop Choc and Vibrachoc.
Hutchinson's acquisition of Barry Wright Corp in June 2000 increased its range of anti-
vibration, fluid transfer, sealing and adhesive products for aerospace, railway and industrial
applications.
Although Jean-Luc Falaut declined to comment on Hutchinson's current productioncapacity, we believe that it would be interested in all or part of Silvertown.
Applied Power Inc - Barry Wright anti-
vibration component manufacturing
division
Harvard Industries Inc - Kingston
Warren automotive sealing systems
manufacturing division
Conclusion:
Company:
Country:
Web Site:
Contact:
Position:
Activities:
RECOMMENDED COMPANIES
Strategic Planning Director
Jean-Luc Falaut
www.total.com
France
TOTAL SA
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SEK 145.0
P/E Ratio: 17.3
Market Capitalisation (m): 871.7
Accounting Reference: Dec-02 Dec-01 Dec-00
Turnover (m): 1,402 1,508 1,083
PBT (m): 52.9 56.8 89.1
Share price movement:
Acquisition Previous relevant deal summary:
criteria:
Date Target Deal value PE ratio
Dec-03 21.2 N/A
Strategy: Nov-03 N/A N/A
Jul-03 495.0 N/A
Stockholm (TRELB)
Trelleborg is a leading manufacturer and supplier of polymer-based products for the
automotive, marine, railway, infrastructure, construction and other industries. Its range of
products includes anti-vibration, noise-damping, expansion joint, fluid transfer,
thermoplastic, marine fender, tunnel sealing, dredging, protective clothing and precision
sealing components. The Group has over 21,000 employees in 40 countries and operates
through its Automotive, Wheel Systems, Engineered Systems, Building Systems and
Sealing Solutions divisions, including Busak & Shamban, a leading manufacturer of
industrial sealing and bearing systems.
In December 2003, Frederik Meuller stated that having recently completed several
acquisitions, Trelleborg will be focusing on bedding these down in the first half of 2004.
However, the Group is already starting to explore future potential acquisitions across all ofits divisions and would be particularly interested in manufacturers of polymeric and
elastomeric products for the infrastructure, marine, defence and industrial/power generation
sectors. Ideally, it would prefer businesses with a turnover between 10 million and 50
million occupying leading market positions, having their own brands and demonstrating
some organic growth.
Stock Exchanges:
Current Share Price:
Subsidiary Trelleborg Industries UK Ltd is engaged in the design and manufacture of
rubber-to-metal bonded engineering products, anti-vibration mountings and suspension
components for railway, marine, off-highway, industrial and power generation applications.
Its head office, technical centre and R&D operations are based in Leicester. In 2001, it had
a turnover of 20.5 million and made pre-tax profits of 2 million.
Trelleborgsstrategy is focused on occupying either the first, second or third position in
each market in which it operates. It therefore makes acquisitions in order to improve its
position in terms of product range, market share, growth and competitive advantages.
Although Frederik Meuller is not aware of Trelleborg's current capacity issues, i t currently
operates a large facility in Leicester and we therefore believe that the Group would be an
ideal purchaser for Si lvertown.
Metzeler Automotive Profile Systems
GmbH - automotive hose system
manufacturing division
Epwin Group Ltd - DJ Profiles sealing
component manufacturing division
Smiths Group plc - polymer sealing
solutions division
Conclusion:
Company:
Country:
Web Site:
Contact:
Position:
Activities:
RECOMMENDED COMPANIES
Vice President, Business Development
Frederik Meuller
www.trelleborg.com
Sweden
TRELLEBORG AB
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COMPANY NAME COUNTRY
BOETTCHER HOLDINGS GMBH Germany
CF GOMMA SPA Italy
DELMON INDUSTRIE SA France
FENNER PLC UK
GROVE INDUSTRIES LTD UK
GUMMI METALL TECHNIK GMBH GermanyHEXAGON AB Sweden
HUNTER RUBBER CO LTD UK
MALONEY TECHNICAL PRODUCTS INC USA
PHOENIX MEDICAL GROUP LTD UK
SACRED SA France
SANDER INDUSTRIES INC USA
WOCO GMBH Germany
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Reserve Companies (13)
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N/A
P/E Ratio: N/A
Market Capitalisation (m): N/A
Accounting Reference: Dec-01 Dec-00 Dec-99
Turnover (m): 121.7 121.0 137.0
PBT (m): N/A N/A N/A
Share price movement: N/A
Acquisition Previous relevant deal summary:
criteria:
Date Target Deal value PE ratio
Aug-02 N/A N/A
Strategy:
RESERVE COMPANIES
Chairman / Finance Director, Bottcher Airedale
Horst Loosen / Michael Rodgers
www.boettcher.de
Germany
BOETTCHER HOLDINGS GMBHCompany:
Country:
Web Site:
Contact:
Position:
Activities:
No stated strategy to report.
We are aware that Boettcher has previously showed interest in the handrail manufacturingbusiness and consider the Group to be a relevant purchaser for that business.
Airedale Rollers Ltd - manufacturer of
rubber rollers
Conclusion:
N/A
Boettcher is a manufacturer of rubber-based cylinders, rollers and handrails used primarily
in the steel, plastics, paper, textile, wood-processing and printing industries. Its brands
include TechGrip, RollerTech, Febolith, Febograv, Feboflex, Febopress and Febopur. The
Group has 12 production facilities in Germany, France, Italy, Austria, Switzerland, Poland,
Spain and the UK.
We are aware that although Boettcher is not actively seeking any acquisitions at the
present, it would consider any suitable opportunities in the UK. It would be primarily
interested in businesses that would expand the Group's product range or that would offer
synergies with its existing operations. Any UK-based target's manufacturing operations
would probably be transferred to the Group's existing plants in Shipley and Ebbw Vale.
Stock Exchanges:
Current Share Price:
UK subsidiary Boettcher Airedale Ltd is engaged in the manufacture of rubber rollers for
the canning, food, printing, paper and textile industries. In 2001, it had a turnover of 2.7
million and made pre-tax losses of 0.5 mill ion.
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N/A
P/E Ratio: N/A
Market Capitalisation (m): N/A
Accounting Reference: Dec-01 Dec-00 Dec-99
Turnover (m): 357.9 350.0 179.3
PBT (m): -2.1 17.9 5.7
Share price movement: N/A
Acquisition Previous relevant deal summary:
criteria:
Date Target Deal value PE ratio
Sep-01 N/A N/A
Strategy: Nov-99 N/A N/A
Dec-98 N/A N/A
N/A
CF Gomma is a leading European manufacturer of rubber products for automotive and
marine industries. Its products include expansion joints, anti-vibration components,
suspension systems, fluid transfer systems such as brake hoses and low pressure hoses,
technical rubber compounds, dock fenders and sealing components. The Group employs
over 5,000 people and operates 14 plants in Italy, France, Germany, the USA, Poland,
Turkey, Argentina and Brazil.
In January 2004, Paolo Cingia stated that CF Gomma is acquisitive and is interested in any
opportunities involving manufacturers of technical rubber-based products and elastomeric
components for the automotive, marine and industrial sectors. It is primarily interested in
businesses with strong, reliable routes to market and with a variety of customers. The
Group is primarily interested in opportunities valued at between 3 million and 15 million.
Stock Exchanges:
Current Share Price:
No stated strategy to report.
Although CF Gomma does not currently have any manufacturing operations in the UK, weare aware that the Group has previously considered UK acquisitions and may be interested
in parts of Si lvertown.
Ziliani SpA (90%) - Italian manufacturer
of automotive rubber profiles
PSA Peugeot Citroen SA - La Barre
Thomas elastomer components
manufacturing subsidiary
Paguag GmbH - German manufacturerof rubber moulded productsConclusion:
Company:
Country:
Web Site:
Contact:
Position:
Activities:
RESERVE COMPANIES
Managing Director / Finance Director
Paolo Cingia / Renato Faita
www.cfgomma.com
Italy
CF GOMMA SPA
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17.82
P/E Ratio: 28.3
Market Capitalisation (m): 14.7
Accounting Reference: Dec-02 Dec-01 Dec-00
Turnover (m): 35.9 41.3 43.7
PBT (m): 1.4 2.8 3.2
Share price movement:
Acquisition Previous relevant deal summary:
criteria:
Date Target Deal value PE ratio
Strategy:
Paris (DELM)
Delmon is a manufacturer of rubber-moulded, elastomeric and thermoplastic components
for the aerospace, automotive, commercial vehicle, high technology, home appliance,
mechanical engineering and railway industries. Its range of products includes anti-vibration
components, bellows, dampers, expansion joints, mountings and seals. The Group
employs over 700 people and has four manufacturing plants in France and Spain.
Our IMAP partners in France are aware that Delmon is interested in any opportunities
involving manufacturers or rubber or elastomeric products that would allow the Group to
maintain a leading position its core markets.
Stock Exchanges:
Current Share Price:
No stated strategy to report.
Although Delmon is a quoted businesses it remains under the control of Pierre Delmon and
we would recommend approaching the Group with this opportunity.
Conclusion:
Company:
Country:
Web Site:
Contact:
Position:
Activities:
RESERVE COMPANIES
President
Pierre Delmon
www.delmon-industrie.com
France
DELMON INDUSTRIE SA
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101.0p
P/E Ratio: 8.9
Market Capitalisation (m): 103.4
Accounting Reference: Aug-03 Aug-02 Aug-01
Turnover (m): 248.5 232.2 166.4
PBT (m): -5.2 5.5 12.3
Share price movement:
Acquisition Previous relevant deal summary:
criteria:
Date Target Deal value PE ratio
Oct-02 2.9 N/A
Strategy: Oct-01 47.5 N/A
Jan-98 0.6 N/A
RESERVE COMPANIES
Chief Executive Officer
Mark Abrahams
www.fenner.co.uk
UK
FENNER PLCCompany:
Country:
Web Site:
Contact:
Position:
Activities:
Fenner posted a loss in 2003 due to a restructuring programme that was focused on
returning its recent acquisitions to profitability. However, the Group recently stated that it
had seen significant improvement in its belting and specialist polymer operations.
Despite the fact that Fenner is reluctant to make acquisitions in the UK, we would consider
the Group as a relevant purchaser for the footwear manufacturing operations.
Eagle Belting Co - US manufacturer of
industrial belting
Unipoly SA - Enerka belt manufacturing
division
Valley Belting Services Pty Ltd -
Australian conveyor belt manufacturer
Conclusion:
London (FENR)
Fenner is a leading manufacturer of reinforced polymer products including PVC, fabric,
thermoplastic elastomer, rubber and steel-reinforced precision timing belts, reinforced
ducting, high-temperature hoses, composite pulleys, sprockets and bearing housings,
conveyor guide systems and belt-chain tensioners. Its products serve customers in the air
conditioning and ventilation, aggregates, electrical and mechanical equipment, food
processing, heavy truck and bus, machine tool, mining, pharmaceutical and power
generation industries. Its brands include Fenner Dunlop, Fenner Drives, BTL, Scandura,
Georgia Duck and James Dawson.
In recent conversations Mark Abrahams stated that although Fenner is acquisitive, the
Group is more likely to make acquisitions in Continental Europe rather than the UK. It
would be particularly interested in manufacturers of drives, reinforced polymer products
and belting, with particular attention given to the targets' distribution network.
Stock Exchanges:
Current Share Price:
Subsidiary James Dawson Ltd is a manufacturer of silicone hoses used in diesel engines,
moulded components used in driving and conveying systems, industrial belting, rubber
footwear and a range of other rubber products such as seals and diaphragms, pneumatic
clutch glands, silicone gasket sheets, rubber sheet mats, inflatable pipes, silicone treads
and reinforced rubber treads. In 2002, it had a turnover of 12.4 million and made pre-tax
profits of 1.6 million.
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N/A
P/E Ratio: N/A
Market Capitalisation (m): N/A
Accounting Reference: Dec-02 Dec-01 Dec-00
Turnover (m): N/A N/A N/A
PBT (m): N/A N/A N/A
Share price movement: N/A
Acquisition Previous relevant deal summary:
criteria:
Date Target Deal value PE ratio
Oct-02 11.0 9.7
Strategy: Mar-02 N/A N/A
Jan-01 N/A N/A
N/A
Grove Industries is a group of engineering businesses backed by Close Brothers Private
Equity. Its main trading business is United Polymers, a manufacturer of elastomeric and
thermoplastic seals and gaskets, as well as composite metal, rubber and synthetic
moulded components for the automotive, electrical, leisure and domestic appliance
industries. The Group has manufacturing operations in England, Wales and the Czech
Republic.
In October 2003, Les Litwinowicz stated that Grove Industries has adopted a new strategy
in respect of acquisitions and is interested in both high-value and low-value manufacturing
businesses. It is particularly interested in manufacturers of rubber moulded or rubber-to-
metal bonded products supplying the automotive or other industrial sectors. Over the past
five years the Group has acquired over ten UK manufacturing businesses and is interested
in further niche manufacturing businesses valued at up to 20 million.
Stock Exchanges:
Current Share Price:
Whereas historically Grove Industries did not tend to pay premium prices for acquisitions, it
has recognised that henceforth it will need to increasingly pay higher prices for good quality
businesses.
We believe that with its existing UK operations, Grove Industries would consider acquiring
all or part of Silvertown.
Tractiv Holdings Ltd - distributor of
agricultural and machinery components
VIP Heinke Ltd - manufacturer of seals
and gaskets
Huddersfield Polymeric Products Ltd -
rubber moulding business
Conclusion:
Company:
Country:
Web Site:
Contact:
Position:
Activities:
RESERVE COMPANIES
Group Business Development Director
Les Litwinowicz
www.united-polymers.co.uk
UK
GROVE INDUSTRIES LTD
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N/A
P/E Ratio: N/A
Market Capitalisation (m): N/A
Accounting Reference: Dec-01 Dec-00 Dec-99
Turnover (m): 21.2 20.1 19.8
PBT (m): N/A N/A N/A
Share price movement: N/A
Acquisition Previous relevant deal summary:
criteria:
Date Target Deal value PE ratio
Feb-02 N/A N/A
Strategy:
N/A
Gummi Metall Technik (GMT) is a manufacturer of moulded rubber, rubber-to-metal
bonded and rubber-based anti-vibration components, dampers and mountings for the
railway, aerospace, automotive, marine, construction and other industries. The Group
employs over 400 people and has manufacturing operations in Germany, the UK, Ireland,
Malaysia, the USA, Switzerland, Austria, Belgium and France.
In February 2004, Gerhard Engstler declined to discuss GMT's acquisition criteria in any
detail, preferring to assess individual opportunities in the Company's core markets on a
case-by-case basis.
Stock Exchanges:
Current Share Price:
Subsidiary Rubber Metall Technik UK Ltd is engaged in the supply of rubber components
to the automotive industry. No recent financial information is available for this subsidiary.
No stated strategy to report.
GMT may be interested in all or part of Silvertown.
Huber & Suhner AG - Swiss rubber
components manufacturing plant
Conclusion:
Company:
Country:
Web Site:
Contact:
Position:
Activities:
RESERVE COMPANIES
Chairman
Gerhard Engstler
www.gmt-gmbh.de
Germany
GUMMI METALL TECHNIK GMBH
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SEK 201.5
P/E Ratio: 49.0
Market Capitalisation (m): 263.4
Accounting Reference: Dec-02 Dec-01 Dec-00
Turnover (m): 520.2 416.0 342.0
PBT (m): 23.7 15.2 15.0
Share price movement:
Acquisition Previous relevant deal summary:
criteria:
Date Target Deal value PE ratio
Aug-02 N/A N/A
Strategy: Jun-02 N/A N/A
Apr-01 125.0 10.8
RESERVE COMPANIES
Group Strategy Director
Gert Viebke
www.hexagon.se
Sweden
HEXAGON ABCompany:
Country:
Web Site:
Contact:
Position:
Activities:
Hexagon is primarily interested in acquiring new products, competitors and complementary
technologies.
Although Hexagon is acquisitive, it is only interested in rubber compounding and specialist
component manufacturers and is unlikely to be interested in Silvertown as a whole.
BNS Co Inc - Xygent metrology
software subsidiary
GFD Technology GmbH - German
manufacturer of industrial rubber
products
Brown & Sharpe Manufacturing Co Inc -
metrology equipment manufacturing
division
Conclusion:
Stockholm (HEX)
Hexagon is a Swedish engineering group engaged in the manufacture of industrial and
engineered products including hydraulic equipment, metrology and measurement
equipment, automation equipment and rubber-based products used in the aerospace,
automotive, civil engineering and construction, electronics, materials handling, medical,
offshore, paper and process engineering industries.
In February 2004, Gert Viebke stated that Hexagon is acquisitive and interested in
manufacturers of automation equipment, control systems, precision measurement devices
and engineered rubber products. For its Polymers division it would be particularly
interested in rubber compounding businesses, as well as specialist manufacturers ofrubber wheels and heat exchanger gaskets. It has no size criteria, preferring to judge each
opportunity on its individual merits.
Stock Exchanges:
Current Share Price:
Hexagon's Polymers division is a manufacturer of rubber profiles and moulds, rubber
wheels for truck and track drive applications, rubber bladders, conveyor belt wheels,gaskets for plate heat exchangers and rubber components used in the construction
industry. Its operations include Gislaved Gummi AS, Stellana AB, GFD Technology GmbH
and Elastomeric Engineering Co Ltd.
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N/A
P/E Ratio: N/A
Market Capitalisation (m): N/A
Accounting Reference: Dec-03 Dec-02 Dec-01
Turnover (m): N/A N/A N/A
PBT (m): N/A N/A N/AShare price movement: N/A
Acquisition Previous relevant deal summary:
criteria:
Date Target Deal value PE ratio
Strategy:
RESERVE COMPANIES
Managing Director
Mark Truman
www.hunterboots.com
UK
HUNTER RUBBER CO LTDCompany:
Country:
Web Site:
Contact:
Position:
Activities:
No stated strategy to report.
We are aware of the recent approach from Mark Truman and believe that there would be
considerable synergies between Hunter Rubber and Silvertown's rubber footwearmanufacturing operation.
Conclusion:
N/A
Hunter Rubber is a leading manufacturer of rubber boots for technical, military, commercial
and private use. Its brands include Hunter Wellington, Safety Wellington, Chainsaw
Wellington, Firefighter Wellington and Farming Wellington. In January 2004, the Company
was acquired from Interfloor Group Ltd, formerly Gates Duralay Ltd, by a management buy-
in team. The value of this deal was undisclosed.
We are aware that following the recent management buy-in at Hunter Rubber, the
Company is interested in growing through bolt-on acquisitions in its core market of rubber
footwear manufacturing.
Stock Exchanges:
Current Share Price:
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N/A
P/E Ratio: N/A
Market Capitalisation (m): N/A
Accounting Reference: Dec-02 Dec-01 Dec-00
Turnover (m): 37.0 N/A N/A
PBT (m): 3.5 N/A N/AShare price movement: N/A
Acquisition Previous relevant deal summary:
criteria:
Date Target Deal value PE ratio
Strategy:
RESERVE COMPANIES
President
Tom Maloney
www.maloneytech.com
USA
MALONEY TECHNICAL PRODUCTS INCCompany:
Country:
Web Site:
Contact:
Position:
Activities:
MTP is backed by ShoreView Industries, a US private equity firm with in excess of 200
million under management. It invests in growing and acquisitive mid-market businesses
with a turnover of between 15 million and 100 million.
MTP is well-known to our IMAP partners in the USA through whom we would consider
approaching the Company.
Conclusion:
N/A
Maloney Technical Products (MTP) is a designer and manufacturer of rubber or plastic-to-
metal bonded and other technical rubber-based products for the heavy engineering, oil and
gas exploration and power transmission industries.
Our IMAP partners in the USA are aware that MTP is interested in any opportunities
involving manufacturers or rubber or elastomeric products. With the backing of Shoreview,
a private equity firm with experience in the rubber industry, the Company is prepared to
consider all relevant opportunities that would bring both expansion opportunities andsynergies.
Stock Exchanges:
Current Share Price:
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N/A
P/E Ratio: N/A
Market Capitalisation (m): N/A
Accounting Reference: Dec-01 Dec-01 Dec-00
Turnover (m): 12.0 N/A N/A
PBT (m): 1.4 N/A N/AShare price movement: N/A
Acquisition Previous relevant deal summary:
criteria:
Date Target Deal value PE ratio
Jun-03 N/A N/A
Strategy: Dec-01 N/A N/A
Dec-01 N/A N/A
RESERVE COMPANIES
Managing Director
Ron Aldred
www.phoenix-medical.com
UK
PHOENIX MEDICAL GROUP LTDCompany:
Country:
Web Site:
Contact:
Position:
Activities:
No stated strategy to report.
Despite the fact that Phoenix Medical is a relatively small, the Group has made several
acquisitions recently and we believe that it should be considered as a suitable purchaserfor any remaining parts of Silvertown.
Xelflex Precision Moulders plc -
manufacturer of automotive, rail and
aerospace rubber products
Leyland & Birmingham Ltd -
Sorbothane rubber manufacturing
subsidiary
Bolton Rubber Co Ltd - manufacturer of
rubber components
Conclusion:
N/A
Phoenix Medical is a manufacturer of a comprehensive range of industrial rubber products
including anti-vibration components, rubber-to-metal bonded parts, extrusions, roto-cured
belting, cut washers and damping materials for the automotive, aerospace and railway
sectors, as well as rubber-based medical products for vetinary and surgical applications.
In December 2003, Ron Aldred stated that Phoenix Medical is actively seeking acquisitions
as part of its diversification and expansion plans which will involve increasing the Group's
turnover to in excess of 50 million by 2005. It would be particularly interested in
manufacturers of rubber products for the medical, aerospace, defence and other industrialsectors with a turnover of between 1 million and 15 million.
Stock Exchanges:
Current Share Price:
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N/A
P/E Ratio: N/A
Market Capitalisation (m): N/A
Accounting Reference: Dec-02 Dec-01 Dec-00
Turnover (m): 20.6 22.4 23.2
PBT (m): 0.1 0.1 0.5Share price movement: N/A
Acquisition Previous relevant deal summary:
criteria:
Date Target Deal value PE ratio
Strategy:
N/A
Sacred is a designer and manufacturer of elastomeric and thermoplastic products such as
anti-vibration components, gaskets, manifold covers, noise dampening equipment, seals,
throttle valves and tubes. its customers include DaimlerChrysler, Delphi, Faurecia, Ford,
General Motors, Lear, Nissan, Oxford Automotive, PSA Peugeot Citroen, Renault, Teleflex,
Tenneco, ThyssenKrupp, Valeo, Volkswagen and ZF. The Group has operations in France,
the USA, China, Argentina, Mexico and Morocco.
In February 2004, Didier Fegly stated that Sacred is interested in assessing all relevant
acquisitions opportunities and but would only consider these on a case-by-case basis.
Stock Exchanges:
Current Share Price:
Sacred operates a joint-venture with Chardon Rubber Co, a US manufacturer a wide range
of specialist elastomeric components for the automotive, heavy engineering, mechanicalengineering and transportation industries.
No stated strategy to report.
Sacred is likely to be primarily interested in Silentbloc.
Conclusion:
Company:
Country:
Web Site:
Contact:
Position:
Activities:
RESERVE COMPANIES
Managing Director
Didier Fegly
www.sacred.fr
France
SACRED SA
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N/A
P/E Ratio: N/A
Market Capitalisation (m): N/A
Accounting Reference: Dec-03 Dec-02 Dec-01
Turnover (m): 45.0 N/A N/A
PBT (m): 3.2 N/A N/A
Share price movement: N/A
Acquisition Previous relevant deal summary:
criteria:
Date Target Deal value PE ratio
Strategy:
N/A
Sander Industries is a holding company for 3 businesses engaged in the design and
manufacture of complex aluminium and zinc/aluminum alloy die-castings and specialist
elastomeric components for the aerospace and aviation, automotive, defence, electronics,
information technology, medical, process control and telecommuncations industries.
In February 2004, Eric Sanders stated that Sander Industries is currently acquisitive and
interested in manufacturers of rubber and elastomeric components. Although the Group
does not currently have any operations in the UK, it would consider all relevant
opportunities on a case-by-case basis.
Stock Exchanges:
Current Share Price:
Subsidiary Rubbercraft Corp is a designer and manufactures of elastomeric products used
in the aerospace, defence, marine, medical, recreation, telecommunications andtransportation industries. Its range of products includes precision rubber-to-metal and
rubber-fabric bonded elastomers, extrusions and conductive elastomers.
No stated strategy to report.
Sander Industries is well-known to our IMAP partners in the USA through whom we would
consider approaching the Group.
Conclusion:
Company:
Country:
Web Site:
Contact:
Position:
Activities:
RESERVE COMPANIES
President
Eric Sanders
www.sandersind.com
USA
SANDER INDUSTRIES INC
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ZL 135
P/E Ratio: N/A
Market Capital isation (m): EUR 130m
Accounting Reference: Dec-02 Dec-01 Dec-00
Turnover (m): 35.2 25.0 23.2
PBT (m): 3.1 1.4 2.3
Share price movement:
Acquisition Previous relevant deal summary:
criteria:
Date Target Deal value PE ratio
Strategy:
Warsaw (SNK)
Stomil Sanok is a manufacturer of technical elastomeric and rubber-to-metal bonded
products for the agricultural machinery, automotive, construction, household appliance,
pharmaceutical and railway industries. Its products include anti-vibration components, door
and window weather-proofing strips, gaskets, hoses, power transmission belts and seals.
The Group currently employs over 1,500 people and over 40% of its products are exported.
In August 2003, Polish American Enterprise, a private equity firm, sold its remaining 38.3%
stake in Stomil Sanok.
In February 2004, Marek Lecki stated that Stomil Sanok, although not actively looking for
acquisitions, has aggressive growth targets which could be achieved through suitable bolt-
on acquisitions. It would be primarily interested in businesses that operate in its core
markets where all or part of the manufacturing could be transferred to the Group's existingfacilities. The Group has successfully achieved its market flotation with its private equity
backer having sold its remaining stake in the business last year.
Stock Exchanges:
Current Share Price:
No stated strategy to report.
Although Stomil Sanok has no history of making acquisitions, Marek Lecki would consider
relevant opportunities and with its interest in moving production to Poland we wouldrecommend approaching the Group.
Conclusion:
Company:
Country:
Web Site:
Contact:
Position:
Activities:
RESERVE COMPANIES
President
Marek Lecki
www.stomilsanok.com.pl
Poland
STOMIL SANOK SA
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N/A
P/E Ratio: N/A
Market Capitalisation (m): N/A
Accounting Reference: Dec-02 Dec-01 Dec-00
Turnover (m): 168.1 N/A N/A
PBT (m): 3.2 N/A N/A
Share price movement: N/A
Acquisition Previous relevant deal summary:
criteria:
Date Target Deal value PE ratio
Strategy:
RESERVE COMPANIES
Corporate Development Director
Andreas Heuser
www.woco.de
Germany
WOCO GMBHCompany:
Country:
Web Site:
Contact:
Position:
Activities:
No stated strategy to report.
Woco is only likely to give high priority to manufacturers of anti-vibration components for
the transportation industry and would therefore only be a suitable purchaser for Silentbloc.
Conclusion:
N/A
Woco is a leading German manufacturer of anti-vibration, acoustic control other rubber-
based components for the automotive, home appliance and valve industry. Its range of
products includes chassis suspension components, powertrain mounting systems, mass
absorbers, cylinder head covers, silencers and resonators, rubber-plastic engine
components, rubber locking modules, steering and regulator valves, pneumatic hose sets,
magnetic valves, air suspension components, regulator valves, electric and pneumatic
actuators, moulded hoses, induction hoses, bellows, grommets and rubber-plastic and
rubber-metal bonded components. The Group has over 4,300 employees and operations
In February 2004, Martin Wolf stated that Woco spent 2003 integrating its previous
acquisitions and evolving from a component manufacturer into a system supplier. The
Group is opportunistically acquisitive and interested in manufacturers of anti-vibration and
acoustic systems for the transportation industry which accounts for over 90% of its sales.Other relevant opportunities are also of interest but are likely to be given a much lower
priority as the Group focuses on its core markets and shifting its manufacturing base to
lower cost markets.
Stock Exchanges:
Current Share Price:
Woco operates a joint-venture with Michelin SA, Woco Michelin AVS, for the production of
automotive anti-vibration components.
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20 20
COMPANY NAME COUNTRY COMPANY NAME COUNTRY
Aigle SA France Kumnam Chemical Inc South Korea
AirBoss of America Corp Canada Manuli Rubber Industries SpA Italy
Alfagomma SpA Italy Metallocaucho SA Spain
Berwin Group Ltd UK Michelin SA France
Bridgestone Corp Japan NOK Corp Japan
Camberley Rubber Mouldings Ltd UK Parker Hannifin Corp USA
Chardon Rubber Co USA PolyOne Corp USA
Clifton Rubber Co Ltd UK PYI Inc USA
Colmant Cuvelier SA France Sacatec Industrie SA France
Continental AG Germany Sakura Rubber Co Ltd Japan
Cooper Tire & Rubber Co USA SPX Corp USA
CRP Group Ltd UK Sumitomo Rubber Industries Ltd Japan
Dexine Rubber Co Ltd UK Technical Rubber Products Ltd UK
Duramax Marine LLC USA Tomkins plc UK
Eaton Corp USA Toyo Tire & Rubber Corp Ltd Japan
Elastomer Engineering Ltd UK Tufnol Holdings Ltd UK
Eliche Radice SpA Italy Varec SA/NV Belgium
Exalto BV Netherlands Vigar SA Spain
Ferrabryne Ltd UK Vredestein NV Netherlands
Goodyear Tire & Rubber Co (The) USA Wellco Enterprises Inc USA
Gomma Antivibrantes SA Spain William Cook Holdings Ltd UK
Harboro Rubber Co Ltd UK Wolverine World Wide Inc USA
Icon Polymer Group Ltd UK Yokohama Rubber Co Ltd Japan
IVG Colbacchini SpA Italy
Purchaser Analysis
Other Companies (47)
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OTHER COMPANIES
8/12/2019 Purchaser Analysis
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Company Name Country Details of Activity
Aigle SA France Aigle is a leading manufacturer, suppl ier and retailer of clothing and footwear for outdoor
pursuits such as fishing, hiking, hunting, riding, sailing and skiing. The Company has
over 700 employees and over 12 stores worldwide.
AirBoss of America Corp Canada AirBoss is a leading North American rubber compounding and mixing business supplying
rubber compounds to tyre, conveyor belt, construction materials and automotive
component manufacturers.
AirBoss' subsidiary Acton International Inc is a manufacturer and distributor of military,
industrial and consumer footwear.
Alfagomma SpA Italy Alfagomma is a manufacturer of flexible hoses for hydraulic high-pressure fluid
applications in the automotive, oil and gas, hydraulics and other heavy industries. Its
range of products include textile braid, steel wire braid and steel wire spiral reinforced
flexible hydraulic hoses, as well as hydraulic hose systems.
Berwin Group Ltd UK Berwin is engaged in the compounding of rubber, PVC and other elastomers.
Bridgestone Corp Japan Bridgestone is a leading manufacturers of tyres and rubber products including aerospacewheels, automotive components, industrial goods, chemical products and leisure goods
such as automotive hoses, building materials, conveyor belts, golf balls, marine fenders,
oil booms, roof tiles and switches.
Camberley Rubber Mouldings Ltd UK Camberley Rubber Mouldings is engaged in the customer injection moulding and rubber
to fabric, metal, plastic and thermoplastic bonding of elastomeric products.
Chardon Rubber Co USA Chardon Rubber is a manufacturer of a wide range of specialist elastomeric components
for the automotive, heavy engineering, mechanical engineering and transportation
industries. It has manufacturing plants in the USA.
Clifton Rubber Co Ltd UK Clifton Rubber is engaged in rubber compounding and the manufacture of polyurethane
rollers, rubber mouldings and viton seals.
Colmant Cuvelier SA France Colmant Cuvelier is engaged in the manufacture of rubber belting, power belts, pulleys,
sprockets and chains, couplings. torque limiters, hydraulic clutches and bushes primarily
for the power transmission industry.
Continental AG Germany Continental is a manufacturer of tyres for passenger cars, trucks, agricultural and
industrial vehicles, as well as a range of rubber-based components for the transportationindustry. The Group's brand names include Continental, General, Uniroyal, Viking and
Barum.
OTHER COMPANIES
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Company Name Country Details of Activity
Continental's Contitech division is engaged in the manufacture of industrial rubber
products such as conveyor belts, roofing and tubes, as well as rubber-to-metal bonded
products for engine and suspension mounts, vehicle interiors, power transmission
systems and hose assemblies.
Cooper Tire & Rubber Co USA Cooper Tire & Rubber is a manufacturer and distributor rubber products for the
transportation industry including tyres, inner tubes, anti-vibration products, hoses and car
sealing systems, as well as exterior plastic trim and automotive fluid-handling systems.
CRP Group Ltd UK CRP is a leading worldwide manufacturer of foam buoyancy systems for production and
drilling risers, ROV flotation packages, marker buoys, mooring buoys and general subsea
buoyancy equipment. It also manufactures thermal insulation materials and equipment for
rigid and flexible flowlines, steel catenary risers and vibration suppression systems used
in marine applications. The Group was formed through the merger of CRP and Balmoral
Grou International Inc in Februar 2003.
Dexine Rubber Co Ltd UK Dexine is a manufacturer of a range of rubber-based products including anti-shocksheeting protectors, anti-vibration mountings, bellows, engine mountings, expansion
joints, fenders, gasket seals, grommets, handlegrips, joint and piston rings, pipe linings,
suspension bushes, tap washers, valve diaphragms, wheels and wipers used in the
aerospace, automotive, defence, mechanical engineering, oil drilling and railway
industries.
Duramax Marine LLC USA Duramax Marine is a manufacturer and supplier of cooling systems, fenders, seals and
water-lubricated rubber bearings for military propulsion shaft applications.
Eaton Corp USA Eaton is a manufacturer of engineered products that serve the industrial, vehicle,
commercial, aerospace and semiconductor markets. Its principal products include
hydraulic equipment and fluid connectors, electrical power distribution and control
equipment, truck driveline systems, engine components and a wide variety of control
s stems. The Grou has manufacturin o erations in 23 countries.
Elastomer Engineering Ltd UK Elastomer Engineering is a manufacturer of natural and synthetic rubber mouldings, as
well as range of specialist rubber-to-metal and rubber-to fabric bonded products.
Eliche Radice SpA Italy Eliche Radice is engaged in the design and manufacture of propellers, drive systems and
other marine components including propeller shafts, stuffing boxes, bow and stern heads,struts, bearings, rudders and face seals.
Exalto BV Netherlands Exalto is a manufacturer of a wide range of marine equipment and components including
bow thrusters, hot water calorifiers, portlights, propellers, pumps, rubber bearings, seats,
shaft seals, sterngear and wipers. The Company has operations in the Netherlands,
German the UK and the UAE.
OTHER COMPANIES
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Company Name Country Details of Activity
Ferrabryne Ltd UK Ferrabyrne is a manufacturer of rubber-to-metal bonded and rubber moulded products
such as anti-roll bars, anti-vibration components, ball joints, couplings, diaphragms and
suspension brushes used in the automotive, commercial and off-road vehicle, electrical,
leisure, mechanical, medical, engineering, railway and sports equipment industries.
Goodyear Tire & Rubber Co (The) USA Goodyear is the third largest tyre manufacturer in the world, its product range also
including automotive hoses, belts and industrial chemicals.
Gomma Antivibrantes SA Spain Gomma Antivibrantes is a manufacturer of rubber-to-metal bonded anti-vibration
components used in the transportation industry.
Harboro Rubber Co Ltd UK Harboro is a manufacturer of custom-moulded rubber and rubber-to metal-bonded
components and associated assemblies, extrusions, seals, keypads and foam parts for
the aerospace, automotive, defence, electronics, heavy engineering and related
industries.
Icon Polymer Group Ltd UK Icon Polymer is a manufacturer of rubber components for the automotive, aerospace,
defence, domestic appliance, pharmaceutical and railway industries. Its range ofproducts includes plain rubber components, fabric reinforced rubber components and
rubber-to-metal bonded products. The Group was formed in June 2000 when LDC
supported Icon Material Technologies Ltd's 11 million acquisition of William Warne Ltd,
a manufacturer of rubber products principally for the pharmaceutical, defence and postal
sectors.
IVG Colbacchini SpA Italy IVG Colbacchini is a leading worldwide manufacturer of rubber hoses used in
automotive, chemical transfer, ducting, cable protection, dredging, firefighting, food and
beverage, hot water, materials handling, oil rig, petroleum, railway, road tanker, steam
and water transfer applications.
Kumnam Chemical Inc South Korea Kumnam Chemical is a manufacturer of harbour fenders, ship fenders, anchor bolts and
rubber-based products for harbours and dock-sides.
Manuli Rubber Industries SpA Italy Manuli Rubber Industries (MRI) is engaged in the design, manufacture and distribution of
fluid conveying reinforced rubber components and systems used primarily in the
automotive, oil & gas, hydraulic and marine applications.
Metallocaucho SA Spain Metallocaucho is a manufacturer of rubber-to-metal bonded anti-vibration componentsused in wide variety of industrial applications.
Michelin SA France Michelin is the leading worldwide manufacture of tyres for agricultural vehicles,
passenger cars, light trucks and commercial vehicles, utility vehicles and motorcycles, as
well as other rubber-based products for the automotive industry.
OTHER COMPANIES
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Company Name Country Details of Activity
NOK Corp Japan NOK is a leading manufacturer of automotive seals and gaskets. Its customers inc lude
DaimlerChrysler, Ford and General Motors, as well all of the major Tier-1 chassis and
drivetrain suppliers.
NOK operates a joint-venture with Freudenberg GmbH, called Freudenberg-NOK, which
is engaged in the manufacture of rubber seals for the automotive sector. It also
manufactures special precision seals for the aerospace, appliance, business machine,
fluid power, marine, medical, off-highway and recreational vehicle markets. Its products
include engine, electrical and fuel system, transmission, axle, brake system and power
steering sealing components in rubber, plastic and polytetrafluoroethylene. Freudenberg-
NOK has over 25,000 employees and operations in 27 countries with some 25,000
automotive employees worldwide.
Parker Hannifin Corp USA Parker Hannifin manufactures flow and motion control products, including fluid power
systems, electro-mechanical controls, hydraulic propulsion systems and related
components, for sale as original and replacement equipment to the manufacturing,
transportation and processing industries.
Italian subsidiary ITR SpA is a manufacturer of rubber hoses, fittings and components
used in hydraulic, industrial and oil/gas applications.
PolyOne Corp USA PolyOne is a leading North American manufacturer and supplier of thermoplastic
compounds, specialty resins, specialty polymer formulations, engineered films, colour
and additive systems, elastomers and polymer products including laminates, latex,
rubber sheeting and wire coatings.
PYI Inc USA PYI is a manufacturer and supplier of a wide range of marine products including
propellers, drivetrain equipment, steering systems, fasteners, rubber and rubber-to metal
bonded bearings, seals and water lubricated bearings. Its brands include Max-Prop, PSS
Shaft Seal, Python, Jefa, Scanstrut and Caravel.
Sacatec Industrie SA France Sacatec is a designer and manufacturer of customised rubber-to-metal and rubber-to-
plastic bonded components for the automotive, bottling, defence, food machinery,
electrical engineering, hydraulics, marine, oil, railway and valve manufacturing industries.
The Company currently has 170 employees at its production plant in France.
Sakura Rubber Co Ltd Japan Sakura Rubber is a manufacturer of rubber products such as high-pressure hoses and
metal tubings, advanced composite materials, heat insulation components, tank seals
and piping components for aerospace, fire-fighting equipment and petro-chemical
applications.
OTHER COMPANIES
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Company Name Country Details of Activity
SPX Corp USA SPX is a leading international manufacturer of a range of specialist engineering and
technical products including laboratory and life science equipment, security and building
systems, broadcast systems, electrical testing equipment, compaction equipment,
cooling technology, fluid systems, power systems and specially engineered products. The
Group also provides diagnostic, training and information services to a range of sectors. It
employs more than 24,000 people in over 20 countries.
Sumitomo Rubber Industries Ltd Japan Sumitomo Rubber is a manufacturer of tyres, marine components and other rubber-
based products for the consumer products and leisure industries.
Technical Rubber Products Ltd UK Technical Rubber Products (TRP) is engaged in the design and production of
elastomeric products and rubber to plastic, fabric and metal-bonded components such as
heat exchanger gaskets, manlid seals, butterfly valve seals, nuclear seals, pump
diaphragms, precision rollers and fabricated hoses.
Tomkins plc UK Tomkins is an international group of manufacturing businesses which operate in the
areas of automotive and industrial components such as power transmission products,
valves, construction components, food manufacturing and professional, garden and
leisure products. The Group employs over 40, 000 people in locations worldwide.
Toyo Tire & Rubber Corp Ltd Japan Toyo Tire & Rubber is engaged in the manufacture of tyres for cars, trucks and buses.
The Group also manufactures automotive components such as seat cushions, airbags
and waterproofing materials. It has operations in Japan, Australia, China, Europe and
North America.
Tufnol Holdings Ltd UK Tufnol is engaged in the manufacture and distribution of high pressure laminates,
filament wound tube, profiles and water lubricated bearings.
Varec SA/NV Belgium Varec is a designer and manufacturer of cast steel components for armoured vehicles.
Vigar SA Spain Vigar is a manufacturer of carbon black based and coloured rubber compounds.
Vredestein NV Netherlands Vredestein is engaged in the development, production and distribution of tyres, protective
footwear, sealing systems, compounds and recycled rubbers. In September 2003, the
Group was taken-private in a 160.5 million deal backed by Rabobank.
Subsidiary Hevea BV is a leading European manufacturer of rubber footwear under the
Dunlop, Viking and KangaRoos brands.
OTHER COMPANIES
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Company Name Country Details of Activity
Wellco Enterprises Inc USA Wellco is a manufacturer of specialist footwear including vulcanised, blast-protective
overboots, desert boots, hot weather boot and military footwear. It supplies armed forces
in the USA, the UK and New Zealand.
William Cook Holdings Ltd UK William Cook is a designer and manufacturer of a wide range of cast steel components
used in aeroplanes, bulldozers, chemical plants, commercial and agricultural vehicles,
excavators, forklift trucks, mining equipment, off-road vehicles, oil wells, power
generation plants, tanks and trains.
William Cook's Defence division includes George Blair Ltd which is engaged in the
design, manufacture and supply of cast components for the defence and construction
equipment industries. Its products include tracks for armoured fighting vehicles such as
the Challenger 2, Leclerc, Leopard 1 and Leopard 2 tanks, as well as turrets for the
Challenger 2 and Warrior tanks. It also manufactures a range of other tanks components
including hatch covers, mantlets, road wheels, idler rollers, sprockets, track tensioners,
suspension casings and running gear components.
Wolverine World Wide Inc USA Wolverine World Wide is a leading supplier of footwear and apparel under brands such
as Bates Uniform, Caterpillar, Harley-Davidson, Hush Puppies, Merrell, Stanley and
Wolverine. The Group has operations in the USA, Canada and Europe with licensees in
more than 130 countries worldwide.
Yokohama Rubber Co Ltd Japan Yokohama Rubber is a manufacturer of rubber and plastic components for the aircraft,
bus, commercial vehicle, construction equipment and passenger car industries. Its range
of products includes hoses, industrial materials and seals.
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Comments
Aigle should only be considered a relevant purchaser for the footwear
manufacturing operation.
In February 2004, Axel Breuer (Chief Financial Officer) stated that AirBoss is
currently not acquisitive as the Group is experiencing difficult trading
conditions despite recent volume increases.
Our IMAP partners in Italy are aware that Alfagomma is focusing primarily on
growing its rubber hose manufacturing operations and moving its production
plants to the Far East.
In February 2004, Glyn Williams (Managing Director) stated that Berwin is
currently not acquisitive.
Bridgestone had a preference for joint-ventures and development partnershipsas seen with its recent agreements with Continental AG, Yokohama Rubber
Co Ltd and Nokian Renkaat Oy.
In February 2004, Joe Griffiths (Managing Director) stated that Camberley
Rubber Mouldings is currently not acquisitive.
In February 2004, John Webber (Vice President, Finance) stated that in view
of Chardon Rubber's joint-venture with Sacred, he would recommend
approaching Sacred with any relevant acquisition opportunities in the first
instance.
Clifton Rubber is too small to pay a premium price for an acquisition such as
this.
Colmant Cuvelier is too small to pay a premium price for an acquisition such
as this.
In January 2004, Angela Hetzel (Mergers & Acquisitions Director) stated that
Continental is not currently acquisitive in Western Europe as the Group isfocusing primarily on reducing its gearing through strict cost management and
the relocation of production facilities to low cost countries.
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Comments
In February 2004, Phil Weaver (Chief Financial Officer and Head of Corporate
Development) stated that having acquired Dean Tire Inc, the automotive
sealing system business of Standard Products Co, Invensys' Siebe
automotive fluid-handling division of Invensys and Max Trac Tire Inc in recent
years, Copper Tire & Rubber is focused on integrating these businesses and
in the future will focus purely on making automotive-related acquisitions.
CRP is focused entirely on the design, development and manufacture of
specialist buoyancy equipment for the offshore industry and would not be
interested in an opportunity such as this.
In January 2004, Tom O'Reilly (Managing Director) stated that Dexine Rubberis currently loss-making and not in a position to make any acquisitions at the
present time.
Duramax Marine is too small to pay a premium price for the whole of
Silvertown but may be considered a relevant purchaser for the marine
bearings business.
In recent conversations Ken Semelsberger (Vice President, Strategic
Planning) stated that although Eaton is acquisitive, it is not interested in
rubber and elastomeric component manufacturing businesses.
In February 2004, John Gardner (Managing Director) stated that Elastomer
Engineering is not acquisitive.
Eliche Radice is too small to pay a premium price for the whole of Silvertown
but may be considered a relevant purchaser for the marine bearings business.
Exalto should only be considered a suitable purchaser for the marine bearings
business.
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Comments
In February 2004, Andrew Byrne (Managing Director) stated that Ferrabyrne is
not actively seeking any acquisitions at the present time and would only
consider opportunities involving asset sales of distressed or insolvent
businesses.
In recent conversations Richard Kramer (Senior Vice President, Strategic
Planning) stated that Goodyear is currently not acquisitive as the Group is
focusing on returning to profitability and is in the process of restructuring its
manufacturing operations worldwide.
Gomma Antivibrantes is too small to pay a premium price for an acquisition
such as this.
In February 2004, James Briggs (Managing Director) stated that Harboro is
currently not acquisitive.
Although on the basis of recent conversations with Richard Gogerty
(Managing Director) we are aware that Icon Polymer is pursuing a buy-and-build strategy as part of the expansion of its product range, it would not be
suitable to reinitiate conversations with the Group at the present time.
In February 2004, Luigi Cereda (Chief Executive) stated although IVG
Colbacchini would consider selective acquisitions in the second-half of 2004
involving manufacturers of specialist rubber products in areas outside its core
product lines, at the present time the Group is focusing entirely on its major
capital investment in a new plant in the Czech Republic.
Kumnam Chemical is focused entirely on the manufacture of marine fenders
and is too small to pay a premium price for an acquisition such as this.
Our IMAP partners in Italy are aware that MRI is acquisitive but that the Group
is primarily interested in manufacturers of rubber hoses for the automotive, oil
and marine industries.
Metallocaucho is too small to pay a premium price for an acquisition such asthis.
In February 2004, Philippe Verneuil (President, Woco Michelin AVS) stated
that Michelin is not currently acquisitive as the Group is focusing on growing
its worldwide operations organically.
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Comments
In February 2004, Mohsen Sohi (Chief Executive Officer, Freudenberg-NOK)
stated that all acquisition opportunities for Freudenberg-NOK would need be
submitted to Freudenberg in the first instance.
We are aware on the basis of recent conversations with Spencer Evans
(Business Planning Manager, Parker Hannifin Europe) that Parker Hannifin is
primarily interested in manufacturers of flow and motion control products.
We are aware that following several years of difficult trading PolyOne is
disposing of its non-core businesses in order to reduce its overall debt and is
therefore not acquisitive. The divisions for sale include elastomers and
performance additive compounding, engineered films and specialty resins.
PYI is focused purely on the supply of marine products and should only be
considered a relevant purchaser for the marine bearings business.
We are aware that although Sacatec has previously shown interest in the
bladder manufacturing operations, the Company is too small to pay a premium
price and, in addition, Rene Wallyn (President) is now unlikely to be interested
in an opportunity such as this.
In February 2004, Hiroshi Nakamura (President) stated that Sakura Rubber is
currently not acquisitive.
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Comments
We are aware that although SPX is acquisitive in Europe, the Group is
primarily interested in manufacturers of valve, instrumentation and
measurement equipment to the automotive, chemical processing, marine,
petrochemical, process plant and power generation sector, as well as
suppliers of technical information and documentation services to the
automotive, capital equipment, energy and life science sectors.
Sumitomo Rubber has been focusing on the restructuring of its operations in
order to return the Group to profitability and is currently not acquisitive.
In February 2004, Peter Children (Managing Director) stated that TRP is
currently not acquisitive.
Although we are aware that Tomkins is acquisitive, the Group is not interested
in manufacturers of rubber-based components.
Toyo Tire & rubber is currently focusing on improving its financial performance
through the adoption of new production and inventory systems and is only
interested in expansion opportunities in North America.
Tufnol is too small to pay a premium price for an acquisition such as this and
could only be considered a suitable purchaser for the marine bearings
business.
Varec is too small to pay a premium price for an acquisition such as this.
Although Vigar acquired GDX Automotive GmbH from GenCorp Inc in
February 2003, the Company is only interested in rubber compounding
businesses and has no interest in moving upstream where it would compete
with its customers.
In February 2004, Nico Moolenaar (Chief Executive Officer) stated that
Vredestein is currently not acquisitive as the Group is focusing on the sale of
its Vredestein Rubber Resources division.
C t
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Comments
Wellco should only be considered a relevant purchaser for the footwear
manufacturing operation.
William Cook is focused purely on the manufacture of steel castings and
would not be interested in a manufacturer of elastomeric and rubber
components.
Wolverine World Wide is a supplier of large-scale branded footwear and is
unlikely to be interested in an opportunity such as this.
We are aware that having established an alliance with Continental AG in April
2002, Yokohama Rubber is not interested in any acquisition opportunities in
Western Europe.