Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Skellerup to acquire Italian Rubber Manufacturer

4 April 2007


Skellerup to acquire Italian Rubber Manufacturer

Skellerup Holdings Limited has entered into an agreement to purchase Tumedei SpA, an Italian manufacturer of custom-designed technical rubber products for the automotive, petrochemical, gas, water and irrigation markets.

Skellerup chairman Keith Smith said the purchase would add further reach and depth to Skellerup’s existing technical rubber businesses led by Gulf Rubber, which had maintained a strong level of performance since acquisition in 2006.

“Tumedei has proven technical capabilities and products that will fit well into our business, and enhance our strategy of expanding our technical rubber capabilities and markets,” Mr Smith said. “It has built strong domestic and export businesses from its base in Bologna, Italy. Approximately 30 percent of its sales are from export – to other parts of Europe, North and South America, the Middle East and India.”

Gulf Rubber, based in Sydney and Auckland, designs and manufactures highly technical rubber and associated polymer products used in the automotive, appliance, medical, construction, mining, valve control and irrigation industries. Gulf Rubber was purchased in February 2006.

The purchase of Tumedei, for $19.6 million, brings revenues of close to $15 million and earnings before interest, taxation, depreciation and amortisation (EBITDA) of between $3.5 million and $4 million. Settlement is anticipated by 30 April 2007. Final agreement and settlement are subject to certain conditions, which are principally formal documentation satisfactory to Skellerup, regulatory approvals and the absence of any pre-settlement material adverse change in the business.

Mr Smith said the acquisition is intended to be funded initially through bank facilities. “No decision has been made at this stage about longer-term funding arrangements. The Board will be considering alternatives over the coming months in the context of its ongoing review of the whole group’s capital structure.”

In view of the timing of the acquisition and its impact on the factors affecting the group’s long-term capital structure, the Board has taken the decision to postpone the special meeting of shareholders scheduled for 26 April 2007, which was called to consider an issue of shares under the Long Term Executive Incentive Scheme.

“The Board believes it is appropriate to delay this meeting until the acquisition and related matters are resolved, to ensure that shareholders can be fully informed and in a position to assess the impact on the company,” Mr Smith said. “A new date for the meeting will be announced in due course.”

For further information contact:

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Tiwai Point: Rio Tinto Announces Plans To Close Tiwai Point Smelter

Rio Tinto has just announced that it will wind down New Zealand Aluminium Smelters - the Tiwai Point smelter - saying the business is no longer viable. More>>

ALSO:

Freight: New Report On Auckland Port Relocation

The Government has released a major new report on the options for relocating the Port of Auckland’s freight operations while deferring any decision on the issue. More>>

ALSO:

Chartered Accountants: COVID-19 Fails To Knock Kiwi Investor Confidence, But More Disclosure Wanted

Three months of COVID-19 lockdown and investment turmoil has done little to knock confidence in New Zealand capital markets and listed companies with overall investor sentiment very similar to 2019, an investor survey held in mid June shows. However, ... More>>

ALSO:

Taxation: Black-Market Tobacco Sidesteps $287 Million In Excise Tax

Year-on-year increases in consumption of illicit tobacco in New Zealand have seen illegal trade swell to 11.5% of the total market. If consumed legally, illicit products would have netted the Government $287 million in excise tax during 2019. Independent ... More>>

ALSO:

Energy Sector: Meridian Spilled Water To Hike Electricity Prices - Authority Ruling

The Electricity Authority has found that generator Meridian Energy manipulated the power market, costing consumers about $80 million. More>>

ALSO:

XE Data Update: RBNZ Official Cash Rate Decision

The RBNZ will keep the Official Cash Rate (OCR) at 0.25%. T he key points in the RBNZ statement are: RBNZ keeps the OCR unchanged at 0.25% Maintain the LSAP (large scale asset purchase) at NZD$60 billion. Committee prepared to use additional monetary ... More>>

ALSO:

Electricity: Kiwis Ignore Promise Of Cheaper Power

Electric Kiwi and Flick Electric Co are joint winners of Canstar Blue’s award for Most Satisfied Customers | Electricity Providers From putting on an extra layer – rather than turning on a heater – to turning off lights and choosing the energy-saving ... More>>

ALSO:

Electricity: Transmission Pricing For A Low Carbon Future

The Electricity Authority has decided on new guidelines for transmission pricing. James Stevenson-Wallace, Chief Executive of the Electricity Authority says the new guidelines will deliver significant benefits to consumers, through lower electricity ... More>>

ALSO:

RNZ: Economic Activity And Business Confidence Bouncing Back

Two surveys from ANZ show business confidence and economic activity have rebounded, but uncertainty about the future remains extreme. More>>

ALSO:

NIWA: The Climate Record That Keeps Getting Broken

Among the multitude of New Zealand climate statistics there is one record that continues to be broken month after month. Since January 2017 there has not been one month that recorded a below average nationwide temperature, according to NIWA’s seven station ... More>>

ALSO:

Govt: Extended Loan Scheme Keeps Business Afloat

Small businesses are getting greater certainty about access to finance with an extension to the interest-free cashflow loan scheme to the end of the year. The Small Business Cashflow Loan Scheme has already been extended once, to 24 July. Revenue and Small ... More>>

ALSO:

Science: 2019 Prime Minister’s Science Prizes Announced

The 2019 Prime Minister’s Science Prizes have been announced in a digital livestream event today. The Prizes recognise the impact of science on New Zealanders’ lives, celebrate the achievements of current scientists and encourage scientists of the ... More>>

ALSO:


RNZ: Fuel, Alcohol Costs To Go Up From Today

The increase today in the taxes on fuel, road user charges and alcohol is being called a tone-deaf move. More>>

ALSO:

Stardome Observatory: Young Kiwi Astro-Photographer Shoots For The Stars

Matariki by Josh Kirkley. The stars are aligning for up-and-coming Auckland-based astro-photographer Josh Kirkley (Kāi Tahu). During lockdown, one of his images was picked up by NASA and shared on the space agency’s Instagram to its 59.2 million ... More>>


DCANZ: Time For EU To Commit To A Level Playing Field For Trade

The Dairy Companies Association of New Zealand (DCANZ) has welcomed New Zealand Trade Minister David Parker’s statement that it is unacceptable for New Zealand exporters to continue facing an ‘unlevel playing field’ in the EU. Details leaked ... More>>

ALSO:

New Zealand Government: Supporting Kiwi Businesses To Resolve Rent Disputes

The Government will legislate to ensure businesses that suffered as a result of the COVID-19 response will get help to resolve disputes over commercial rent issues, Justice Minister Andrew Little announced today. More>>

ALSO: