Firth Rixson adds more steel to its bow

Sheffield specialist engineering group Firth Rixson snapped up steel bar rolling and finishing company Spartan Sheffield in a £1.5m deal last week. Firth Rixson said the business, which was privately owned, will fit in closely with its specialist steels subsidiary, formerly known as Barworth Flockton, and the recently acquired TW Pearson. Barworth Flockton was bought […]

Sheffield specialist engineering group Firth Rixson snapped up steel bar rolling and finishing company Spartan Sheffield in a £1.5m deal last week.

Firth Rixson said the business, which was privately owned, will fit in closely with its specialist steels subsidiary, formerly known as Barworth Flockton, and the recently acquired TW Pearson.

Barworth Flockton was bought a year ago. The three businesses will be closely integrated, to the benefit of the whole group, Firth Rixson said.

It said it was paying £1.2m in cash with the balance dependent on the value of net assets.

In 1997 Spartan made a pre-tax loss of £200,000 on turnover of £6.3m. Operating profit came in at £300,000 and net assets were worth £1.1m.