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Scott acquires Alvey Group
Specialists in palletising, conveying and warehouse automation, Alvey is closely aligned to SCOTT, with products and markets that are complementary to SCOTT. This is a key development that adds to our overall automation capabilities, while helping fulfil our strategic expansion goal and accelerating our access to international markets.
With a history that spans over 50 years, Alvey brings with it a high caliber workforce and expertise that will greatly add to our product range and software capabilities, while allowing Scott access to skills and technology faster than could be developed in-house.
Due diligence has been completed with the next step being the finalisation of the sale and purchase agreement and a target acquisition date of 4 April 2018. The transaction has a value of €12.1 million, subject to final adjustments, and is expected to have a positive impact on earnings from completion.
The purchase will be funded by cash reserves (SCOTT’s August 2017 cash balance was NZ$26.7m).
For more information:
Maarten van Leeuwen
Group Managing Director
+ 32 478 33 92 33
C C Hopkins
Ph: +64 3 478 8430
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