12 October 2017 – acquisition
The group has strengthened its Power Motion Control business with the acquisition of Group HES Limited, a business based in Gloucester, for consideration of £4.1m. Of this, £3.1m will be paid in cash with the balance in new shares of Flowtech. HES supplies hydraulic components through a number of branches across the country and will provide additional technical applications to the group whilst also reinforcing Flowtech’s position with a number of its global suppliers. This is another useful bolt-on acquisition and the shares remain GOOD VALUE.