7 September 2017 – acquisition
The group has expanded its Power Motion Control division with the acquisition of The Hydraulic Group B.V., a business based in Rotterdam. The latter is a distributor of hydraulic equipment and components mainly to the mechanical engineering, marine and agricultural sectors and the purchase will complement the group’s existing operation in the Netherlands. The consideration for the purchase will be approximately £2.8m with £2.1m paid in cash and the balance in new shares in Flowtech. This looks to be another useful addition to the group and we maintain our recommendation of LONG TERM BUY.