(April 4, 2011)
Australian owned Ludowici has announced that it has signed an agreement to purchase 100 per cent of the shares in Amseal Australia for cash, in a statement released to the ASX today.
Amseal is a wholesaler and manufacturer of seals and sealing products. The Bundoora-based (VIC) Amseal, established in 1979, also manufactures liquid silicone components. Liquid silicone component manufacturing is new to Lucowici business.
Under the deal, Ludowici will provide Amseal with systems and support, and will guide the growth of Amseal’s liquid silicone components manufacturing arm.
The Amseal brand will continue operating autonomously under the Ludowici banner.
The acquisition is expected to enhance Amseal’s market presence and reputation, and increase its ability to provide solutions to the sealing industry and expand its market hold, according to Ludowici
Amseal recorded AUD $41 million in revenue and an EBIT of AUD$ 0.3 million in the 2010 financial year. The acquisition was completed last Friday 1 April 2011.
Headquartered in Brisbane (Pinkenba), Queensland, Ludowici designs and manufactures bearings, joints and isolators for engineering structures for industries including, automotives and whitegoods, water reticulation systems, noise attenuation, structural glass and glazing.
The company also designs, manufactures and markets hydraulic, pneumatic and custom made sealing products.
Ludowici was the first Australian manufacturer of hydraulic and pneumatic packings and seals and is now one of the nation's largest producers.
Last year, co-nominees University of Newcastle and Ludowici Australia won the core chemical engineering award at UK IChemE awards for ‘Enhanced Resource Recovery, using the Reflux Classifier’.
The Ludowici Reflux Classifier was developed in partnership with University of Newcastle’s Professor Kevin Galvin.
The 17th IChemE Awards for Innovation and Excellence 2010 was held at the Palace Hotel, Manchester, UK on the 4th November 2010. The IChemE Awards are the international chemical, process and biochemical engineering community awards.
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