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- Release Date: 03/07/12 10:30
- Summary: ASSET: MGL: Mercer acquires 75% majority in Titan Slicer business
- Price Sensitive: No
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MGL
03/07/2012 08:30
ASSET
REL: 0830 HRS Mercer Group Limited
ASSET: MGL: Mercer acquires 75% majority in Titan Slicer business
NZX ANNOUNCEMENT
3/7/2012
Mercer is pleased to announce today that it has signed an unconditional
agreement to acquire a majority 75% stake in the Titan Slicer business
(Titan) and a 25% stake in Titan Design Limited from the owners, including
Sean Marr. Sean will continue in his role running Titan.
Titan is a Nelson based business that designs and manufactures world leading
slicers, particularly for the bacon, ham, salmon and cheese sectors. Titan
exports the majority of its products and has a strong forward order book.
Titan will benefit from having Mercer invest in the company and perform the
manufacturing.
Mercer has paid $1m for the stake and will fund this from existing cash flows
and BNZ banking facilities. Mercer will also provide some further working
capital to assist growth of the company. Mercer expects this deal will be
earnings positive from day 1 and is currently working on new Mercer budgets
for FY13. Mercer will provide earnings guidance for FY13 in August when it
will also announce its second half FY12 result.
For further information, contact:
Rodger Shepherd
CEO Mercer Group
(09) 836 9778
End CA:00224548 For:MGL Type:ASSET Time:2012-07-03 08:30:07
