BOC shops at Smiths
19 Nov 2001
BOC has agreed to buy the vacuum and pressure interests of Smiths Group for £12.8million.
Four businesses are involved in the deal: Stokes Vacuum, Hick Hargreaves, Hibon and Wilhelm Klein. Together, they will add over £50million to BOC's annual revenues.
The Smiths businesses employ 700 people in the UK, US, France, Germany, Canada and the Czech Republic, producing product ranges including vacuum and liquid ring pumps, pressure blowers and steam ejectors. Target markets for these products include chemicals and petrochemicals, waste water, power, metallurgy and food.
The rationale behind the deal is to strengthen BOC's industrial vacuum division as a hedge against the cyclicality of the semiconductors market, explains BOC Edwards chief executive 'Raj' Rajagopal. 'Not only will it strengthen our capability in high capacity vacuum pumps, it will also add positive pressure blowers, which are based on similar technology and manufacturing skills,' he adds.
'The addition of these well-respected brands to our portfolio will create a broader platform for growth,' says BOC Edwards' general vacuum business development director Steve Ormrod. 'Our combined customer base will benefit from new technology, based on BOC Edwards' dry pumping technology, as well as valuable systems engineering expertise for a diverse range of industrial applications.'
