Hornby Builds Up Head of Steam to Join Big Deals
Acquisitions announced yesterday spanned from the automotive sector to model trains.
Redditch-based engineering firm GKN is to launch a public tender offer for the outstanding shares in Tochigi Fuji Sangyo.
The offer represents 66.7 per cent of the share capital, at 340 yen per share. The total price will be pounds 43.4 million in cash which will be met from GKN's existing resources.
GKN acquired a third stake in TFS in March 2002.
TFS is a leading Japan-based supplier of advanced automotive driveline components specialising in torque management devices and geared components such as power transfer units and final drive units.
In the year to end March 2003 TFS, a public company listed on the Tokyo Stock Exchange, had consolidated revenues of pounds 277.9 million and operating profits of pounds 5.3 million.
On a smaller scale Hornby has bought Spain's Electroten for pounds 5.3 million.
The model and collectables group said the purchase will be funded from cash reserves and will strengthen its position in the European markets for model railways and slot car racing products.
The group also said the pounds 5.4 million offer to buy the assets of Lima, an Italian rival that is in liquidation, was proceeding to plan. …