Birmingham-based engineering group Glynwed plans to double the value of its two core businesses into a £1.5bn operation, the company revealed this week.
Chief executive Tony Wilson said that the build-up of its pipe systems and food services sectors would be made through development, acquisitions and organic growth.
‘Our next ambition is to find a US pipe systems maker to back up our distribution business there,’ he said.
Glynwed is in the higher value fittings and systems end of the pipes business. Following its £174m acquisition last month of German pipes business Friatec, the group became the world leader in this market.
Pipe systems will account for 41% of the group’s turnover this year.
The consumer and foodservice division, which owns the Aga and Falcon brands of cooking appliances, is expected to double sales to around £500m, said finance director William McGrath.
‘We now need to expand the business internationally, focusing on Europe and the US,’ said McGrath. Acquisitions will be in the £25-50m turnover range, he said.
Glynwed still has to sell its four metals processing businesses, which account for 40% of group turnover and which could raise up to £200m. ‘We would prefer to sell them as a whole,’ said Wilson, ‘but as with all our disposals, we’re looking for the best value.’