Harland Simon Group Plc, the Milton Keynes-based control, automation and image processing systems manufacturer whose shares were jumping on Tuesday in expectation that the company might be subject to a bid, is buying, not selling. The company says it is in discussions with Zurich-based Oerlikon-Buhrle AG that could lead it to acquiring the European drives and associated activities of the Swiss company’s wholly-owned Contraves subsidiary. No other details were disclosed, but Harland’s John Stobart says the activities of the Swiss company directly match Harland Simon’s core business of manufacturing industrial drive equipment for continuous processing, as used in the production of newspapers.
