16th June 2000
ACQUISITION OF SNOW FILTRATION COMPANY LLC FOR US$30.7 MILLION
BBA GROUP PLC announces that it has acquired Snow Filtration Company LLC for a consideration of US$30.7 million (£20.3 million) on a debt free cash free basis. The consideration is to be satisfied in cash out of BBA's existing resources.
Snow, based in Ohio USA, develops and supplies a wide range of filtration materials, from light nonwovens to heavy media. In particular, Snow specialises in developing and fabricating high technology products for the fast growing air and liquid filtration markets.
Snow has for some years been a customer of Reemay (a fully owned subsidiary of BBA) utilising Reemay's nonwoven filtration media products for its end user applications.
For the year ended 31 December 1999, Snow reported audited sales of US$45 million (£29.8 million).
Commenting on the acquisition, Roberto Quarta, BBA Group PLC Chief Executive said:
"This acquisition is important to BBA in that it demonstrates our commitment to build a substantial presence in the high-growth filtration market. Following the acquisition of Snow, BBA will have annual revenues into this market of approximately US$80 million.
We continue to drive through organic growth and to look for other opportunities to build on the platform we have now established in the filtration market, as we have done previously in the nonwovens hygiene market."
Note: Amounts denominated in US Dollars have been converted using an exchange rate of £1:US$1.51, the rate ruling at the close of business on 15 June 2000.
ENQUIRIES:
Roberto Quarta, Chief Executive, BBA Group PLC, 020 7842 4900
Roy McGlone, Finance Director
Susan Gilchrist/Nigel Prideaux, Brunswick, 020 7404 5959
2004 Preliminary Results Presentation, 23rd February 2005