Rotork p.l.c. (ROR.L) said it would acquire the entire share capital of Young Tech Co., Ltd. or "YTC". The total consideration price is 64 million pounds cash, of which 60 million pounds is payable upon completion, and 4 million pounds is deferred for 12 months and contingent on certain performance criteria.
Seoul-based YTC is a manufacturer and supplier of valve positioners and accessories.
The purchase would be funded from cash reserves and existing bank facilities. YTC is an asset-light company with a similar outsourced business model to Rotork. For 2013, YTC recorded 16.5 million pounds of revenue and 6.0 million pounds of operating profit.
The acquisition, which is in line with Rotork's strategy of extending its offering of flow control and pressure control products, further enhances and expands Rotork's position in the Asia-Pacific market. YTC would be a part of Rotork's Instruments unit and the existing management team of YTC would remain following the acquisition.
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