Glynwed hunts for buys after offloading metals businesses

Glynwed has said it is now `well positioned’ to make acquisitions in its core pipe systems and food services divisions, following the recent disposal of its metals businesses. The company has also hinted that it is likely to look outside the UK for acquisitions. Speaking at the company’s annual meeting, chairman Ewen Macpherson said the […]

Glynwed has said it is now `well positioned’ to make acquisitions in its core pipe systems and food services divisions, following the recent disposal of its metals businesses.

The company has also hinted that it is likely to look outside the UK for acquisitions.

Speaking at the company’s annual meeting, chairman Ewen Macpherson said the metals businesses had suffered a difficult year as the traditionally cyclical metals market entered a downturn. `We will soon look very different,’ he added.

A spokesman declined to elaborate on this remark, but said talks were taking place with a number of potential partners: `We are always looking at possibilities. There will be no slackening of the pace of acquisitions and organic growth.’

Recent Glynwed deals include the sale of its last eight metals companies to New York-based steel company Niagara Corporation for £21.2m.

The Midlands-based companies had a book price of £24.9m, but the sale price still represented more than six times their combined £3.4m operating profit last year.