Metals group bolts 90p to share price

Shares in metal processing services group Bodycote surged 90p to 767.5p last week after it made the first of several expected bolt-on acquisitions. The company snapped up a small materials-testing business in the US, just weeks after announcing a 65% rise in half-year profits. Bodycote paid £750,000 for Metchem Laboratories of Detroit. The business, which […]

Shares in metal processing services group Bodycote surged 90p to 767.5p last week after it made the first of several expected bolt-on acquisitions.

The company snapped up a small materials-testing business in the US, just weeks after announcing a 65% rise in half-year profits.

Bodycote paid £750,000 for Metchem Laboratories of Detroit. The business, which has net assets of £460,000, made a profit of £140,000 last year.

Managing director John Chesworth said the company planned to make more acquisitions this year. Most would be bolt-ons and none of a similar size to HIT, the French heat treatment group bought for £60.7m.

The Bodycote group now has more than 160 plants in 17 countries.