Transportation Industry
TOMKINS BUYS US COMPONENTS MAKER
Transport Europe, February, 1996
British conglomerate TOMKINS said it has agreed to pay GBP 768.2 million for all outstanding share capital of privately owned US components maker GATES and formal merger contracts have now been signed. Tomkins said in a statement that Gates's unaudited results for the nine months to September 30, 1995, showed sales of GBP 786.2 million, while pre-tax profits were GBP 56.6 million and net income after tax and minorities was GBP 39.9 million. Gates, a global supplier of car transmission belts and hoses, will add annual sales of at least USD 1.4 billion to turnover of GBP 3.7 billion in 1994/95.
COPYRIGHT 1996 Europe Information Service
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