Poland Leading Bearing Distributor Acquiring Fin S.A.

Brammer plc (UK; LSE: BRAM; website) announced it has reached agreement to acquire Fin S.A. (Poland). The acquisition will be in two stages; 51% now, after Polish competition authorities' approval, and the remaining 49% between 2010 and 2012.

Fin S.A. is Poland's leading distributor of bearings and power transmission equipment, with 11 branches and 165 employees nationwide. Sales last year were £17.5 million.

The acquisition will cost Brammer £4.9 million in the first round for 51%. The second round, for the remaining 49%, will be dependent upon Fin's interim performance -- anywhere from £4.7 million and £14.1 million.

Brammer's Chairman, David Dunn, said: "We are delighted to announce the acquisition of Fin which further extends Brammer’s European market leadership. It strengthens our position in Eastern Europe and gives us a base from which to grow earnings through greater market penetration in Poland, a key industrial economy. The acquisition fits our stated strategy of acquiring quality businesses which closely fit Brammer’s established product portfolio and business strategy in order to complement the organic growth opportunities in our key account and pan-European businesses."

In mid-2006, Brammer used a similar 51% / 49% pacing to acquire Belgian bearing and power transmission distributor, Aandrijvingen Ramaekers NV. With the acquisition, Brammer became Belgium's largest bearing and power transmission distributor.

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