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Prices & Quotes - UK Markets - Bodycote (BOY)

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Share Price:
Down 823.50p
Change Today:
-12.00p
Market Cap:
1,576.64m
Sector:
Industrial Metals & Mining

Bodycote to acquire Ellison Surface Technologies in ?154m deal

By Josh White

Date: Tuesday 24 Dec 2019

LONDON (ShareCast) - (Sharecast News) - Heat treatment and specialist thermal processing services company Bodycote has entered into an agreement to acquire Ellison Surface Technologies, it announced on Tuesday, in a bid to create one of the world's largest providers of thermal spray and engineered coating surface technology services to the aerospace industry.
The FTSE 250 company said Ellison's business, based in North America, would be "highly complementary" to its existing Surface Technology business.

It said it was primarily focused on the aerospace market, and would be integrated into Bodycote's surface technology and aerospace business, which itself had seen "strong structural growth" in recent years.

Gross consideration for the acquisition would be $200m (154m).

When adjusted for tax benefits worth at least 30m, net consideration for the transaction would be approximately 170m, and would be settled using Bodycote's existing committed credit facilities.

Ellison's business generated revenues of $50m in 2018, with associated pro-forma EBITDA of $8m.

Based on results for the year-to-date, it was expected that Ellison's revenue for 2019 would be $58m, with pro-forma EBITDA of $12m.

That expected revenue growth of 16%, and its associated 50% increase in pro-forma EBITDA, reflected the fact that Ellison had been successfully gaining share in the civil aviation business, which would also provide a "solid foundation" for further revenue and profit growth in future years, the Bodycote board said.

It was also expected that the Ellison business would be immediately earnings enhancing to the enlarged Bodycote business.

Ellison employs almost 400 people across six sites located across the United States, Canada and Mexico.

"Ellison's business is one that we have long respected and is a perfect strategic fit for Bodycote's aerospace and Specialist Technologies' businesses," said group chief executive officer Stephen Harris.

"Ellison has been successful in winning new business in recent years and it will be very complementary to Bodycote's existing Surface Technology business."

Completion of the transaction was contingent on various regulatory filings, and was expected to complete during the first quarter of 2020.

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Bodycote Market Data

Currency UK Pounds
Price 823.50p
Change Today -12.00p
52 Week High 984.50p
52 Week Low 687.50p
Volume 127,382
Shares Issued 191.46m
Market Cap 1,576.64m
Beta 0.95

Performance Indicators

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What The Brokers Say

Strong Buy 5
Buy 0
Neutral 5
Sell 1
Strong Sell 1
Total 12
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Bodycote Dividends

  Latest Previous
  Interim Final
Ex-Div 07-Oct-21 22-Apr-21
Paid 05-Nov-21 04-Jun-21
Amount 6.20p 13.40p

Trades for 03-Dec-2021

Time Volume / Share Price
16:35 85,772 @ 823.50p
16:29 355 @ 821.00p
16:29 6 @ 821.00p
16:29 6 @ 821.00p
16:29 7 @ 821.00p

Bodycote Key Personnel

CEO Stephen C Harris
CFO Dominique Yates
Chair Anne Quinn