Rotork acquires Mastergear
Bath-based Rotork has acquired a gearbox manufacturer for $25 million (£17.1 million). Mastergear, which makes manual and motorised gearboxes for valves focused on the oil and gas, water distribution and treatment, chemical processing and wider industrial markets, has been bought from Regal Beloit Corporation.
The company, which has its main centre of operations in the USA and Italy, reported revenues of $22 million for the 12 months to 31 December.
Mastergear will become part of Rotork’s gears division, and about 55 people will join the Bath group as
a result of the acquisition.
Rotork chief executive Peter France said: “Mastergear has a well-regarded product portfolio that will enable Rotork to offer its customers a more comprehensive range of products and services.The acquisition is in line with our strategy and strengthens our presence in the flow-control sector, including the water distribution and treatment market.”
In a trading update, Rotork has revealed that its order intake and revenues increased by 2.5% and 0.7% respectively in the first quarter of 2016, aided by “favourable exchange rates and contributions from recent acquisitions”.