Glynwed has made its third acquisition this year in its pipe systems division by buying German pipes and pumps business Friatec for £174m.
The deal goes some way to achieving two of the Birmingham group’s strategic aims to build the pipes division into a world market leader and reduce its dependency on UK sales.
On completion of this acquisiton, about half of Glynwed’s sales, which last year were £1.2bn, will be generated from outside the UK. Friatec’s main manufacturing site is in Mannheim and it is a leading supplier of high-value pipe fittings and systems to gas and water utilities.
Last year the Frankfurt-quoted company reported pre-tax profits of £20m on a turnover of £232m, with about 65% of turnover orginating in the German market.
Friatec’s embryonic USdistribution business could be a springboard for further acquisitions, said Glynwed chief executive Tony Wilson.