Brammer builds in Europe with Italian purchase
Thursday, May 15, 2008
European industrial services group, Brammer, has paid £8.6 million for Italian business Tecnoforniture Srl in a move to beef up its European offering.
Tecnoforniture is a major regional industrial services specialist providing industrial components, bearings and related power transmission products.
Brammer said the deal reinforced its “leadership position in Europe” and enhanced its key account offering to pan-European customers. It also expands the company’s presence in Italy, which it said was an important growth market.
Tecnoforniture had net sales of £9.2 million last year and the acquisition is expected to be earnings enhancing from completion.
Brammer chairman David Dunn noted: “This transaction strengthens Brammer's European market leadership and fits our stated strategy of acquiring quality businesses which closely fit our established product portfolio and business strategy in order to complement the organic growth opportunities in our key account and pan-European businesses.”
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