Jourdan PLC - Acquisition
RNS Number:7276I
Jourdan PLC
11 September 2006
FOR IMMEDIATE RELEASE 11 September 2006
JOURDAN PLC
ACQUISITION OF CLINIPAK LIMITED BY WESTFIELD MEDICAL LIMITED
Jourdan plc ('Jourdan') announces that its wholly owned subsidiary, Westfield
Medical Limited ('Westfield'), a leading manufacturer and supplier of single-use
sterlization packaging material to the medical and healthcare industry, has
acquired the entire issued share capital of Clinipak Limited ('Clinipak') from
its existing owners, Mr & Mrs J White, for an aggregate consideration of £2.2
million ('the Acquisition'). Mr White will continue as a consultant to Clinipak
for a period of six months following completion to assist in the transition of
ownership.
The consideration is subject to adjustment to the extent that the net assets of
Clinipak at completion are greater or less than £1.34 million. £1.9 million of
the consideration is payable in cash on completion and the balance is to be held
in a retention account for a period of 13 months following completion pending
determination of the net asset position and settlement of any warranty claims
that may arise.
Clinipak is a private company based in Bourne End, Buckinghamshire and
specialises in the manufacture and distribution of products into the clinical
and medical markets. According to its latest audited accounts, Clinipak achieved
an operating profit of approximately £285,000 for the year ended 31 October 2005
and had net assets of approximately £1.2 million as at that date. The board of
Jourdan expects that, in addition to improving Westfield's geographical reach,
the Acquisition will be earnings enhancing for Jourdan in the current financial
year.
Jourdan expects to announce its preliminary result for the year ended 30 June
2006 within the next two weeks.
For further information, please contact:
Jourdan plc
David Abell, Chairman
01476 403456
This information is provided by RNS
The company news service from the London Stock Exchange
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