After over a decade of sturdy independence, Fortronic Ltd of Fife, Ayrshire has bowed to force majeure and agreed to be acquired by De La Rue Plc for up to UKP6.8m, 70 pence a share, the final price depending on profit performance this year. Fortronic, which specialises in banking and financial terminal systems and equipment, and made its biggest coup somefive years ago when the then Burroughs agreed to specify its equipment on banking contracts all over Europe, says that it decided to sell out because it believes that in the rapidly evolving world of electronic banking, success will go to those with substantial financial backing. De La Rue, banknote and security printer and printing machinery manufacturer, whose Crosfield Electronics subsidiary is in the related field of cash dispensing mechanisms, already has acceptances in respect of 38% of the equity. It has agreed to maintain Fortronic as a separate entity under its present management. Fortronic’s sales are running at UKP6m a year; it lost UKP100,000 last year.
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